Systems and methods are disclosed for dynamically allocating power for a system having non-volatile memory. A power budgeting manager of a system can determine if the total amount of power available for the system is below a pre-determined power level (e.g., a low power state). While the system is operating in the low power state, the power budgeting manager can dynamically allocate power among various components of the system (e.g., a processor and non-volatile memory).