The present disclosure is drawn to a multi-component container system and related methods for storing and mixing liquids and associated methods of use. The system includes a first chamber configured to hold a first liquid and which has at least one opening and a second chamber and a second chamber configured to hold a second liquid and having at least one opening. The at least one opening on the second chamber is capable of being operably connected to the at least one opening of the first chamber and the second chamber can be smaller relative to the first chamber. The system can have two configurations, a first configuration and a second configuration. In the first configuration the second chamber can be removably disposed within the first chamber. In the second configuration the second chamber can be external to the first chamber and the at least one opening of the second chamber is operably connected with the at least one opening of the first chamber such that the second liquid is allowed to contact the first liquid.