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Description: Objective: Relative spending on substances (versus alternatives) is predictive of several substance use outcomes, but it can be challenging to assess. We examined a novel method of assessing relative resource allocation through use of a hypothetical lottery task wherein participants assume they collected $100,000 USD in lottery winnings, and were tasked with allocating their winnings across spending categories (e.g., savings, leisure, alcohol, cannabis, etc.). We hypothesized relative allocation of funds towards alcohol and cannabis would be positively associated with more use and problems of each substance. Method: College students (N = 479; Mage = 19.9 [SD = 2.2]) reported on their substance use and problems, alcohol and cannabis demand, and the hypothetical lottery task. Results: Relative resource allocation towards alcohol and cannabis on the lottery task positively correlated with alcohol and cannabis demand indices (intensity, breakpoint, Omax, and elasticity [negatively]), respectively. Using zero-inflated modeling, greater relative allocation towards alcohol positively related to alcohol use and problems in models that controlled for alcohol demand indices. For cannabis, relative resource allocation was also positively associated with cannabis use, but not problems, independently from alcohol demand indices. Conclusions: Results provide initial support for the hypothetical lottery task as an indicator of relative resource allocation toward substances. Generally, these results extend previous behavioral economic research demonstrating the utility of relative resource allocation as unique predictor of clinically relevant outcomes.