5 Gal Buckets for Planting Pots

I purchase several 5 gallon Buckets to transplant my plants into.
They where only $2.60 each versus $14.95 for large planting pots.
It seemed like the smart thing to do.
I drilled several .5" hole in the bottom.
Will this work OK for my plants and will in need a bigger pot?????

Thank you for your response

I've used 5 gallon buckets b4 & they worked great.i liked to take a saw & cut slits in the bottom out side about an inch in & an inch up the side.really helped drainage.if that makes since lol

Im in 5 gal right now..i use 1-3-5 gal transplant..5 gal for final flowering pot. but i got a small tent so mine dont get more than 4 ft ..rule of thumb is like a gal per foot.

Hmmm...I end every plant that is of any size in 5 or 7 gallon pots...those buckets will work just fine...just be sure to not overwater if you plant a small plant in such a large pot though...I gradually move up...actually here recently I have been letting the plant get huge when in only a 1 gallon then moving straight to a 5 or 7...that is just easier for me...and the plant's don't seem to mind too much, but they do seem to do better when I go Jiffy puck 1gal - 3 gal- 5gal then to 7 if needed...not all of the plants need it, but I like to do a lot of LSt and make a short and wide plant, just for fun I guess...I have never actually let a plant just grow and flower on it's own...I am going to try it soon though..