In a method for processing packets, a storage region for a packet is determined based on a queue with which the packet is associated. The storage region includes a committed area reserved for storage of packets associated with the queue, and an area that is shared by multiple queues for packet storage. A first part of the packet is stored in the committed area, a second part is stored in the shared area, and both parts are accounted for. A network device for processing packets comprises a plurality of queues and a storage area including a committed area and a shared area. The network device further comprises a packet queuing engine configured to store a first part of a packet in the committed area, store a second part of the packet in the shared area, and account for the storage of the first and the second parts of the packet.