The read channel of a Flash memory cell degrades after repetitive program and erase (P/E) operations. This degradation is often modeled as a function of the number of P/E cycles. In contrast, this paper models the degradation as a function of the cumulative effect of the charge written and erased from the cell. Based on this modeling approach, this paper dynamically allocates voltage using lower-voltage write thresholds at the beginning of the device lifetime and increasing the thresholds as needed to maintain the mutual information of the read channel in the face of degradation. The paper introduces the technique in an idealized setting and then removes ideal assumptions about channel knowledge and available voltage resolution to conclude with a practical scheme with performance close to that of the idealized setting.