A method of managing snapshots on a storage system includes a storage controller (1) receiving a request to store a first snapshot associated with a first volume among a plurality of volumes on the storage system and (2) determining if an assigned snapshot reserve space remaining associated with the first volume is less than an amount of space that is required to store the first snapshot. In response to the assigned snapshot reserve space remaining being less than the amount of space required, borrowing snapshot reserve space from at least one of an unused assigned space or an unused unassigned space within the storage system and storing at least a portion of the first snapshot to the borrowed snapshot reserve space.