An adjustable liquid container holder and method, whereby a set of components that may be used for holding various types and sizes of liquid containers with the ability to temporarily hang or mount the liquid container holder and still retrieve liquid through a hose. The liquid container holder may have frame parts that are height adjustable to snugly fit a liquid container regardless of its height. The spigot may be configured with a detachable retractable cord and reel so that the spigot may be automatically retracted in close proximity to the liquid container holder upon release of the spigot from a user's hand.