An anchor assembly and method includes a boat that has a length less than 15 feet. A catch is attached to the boat. A housing has a first side wall, a second side wall and a peripheral wall extending there between. A spool is rotatably mounted in the housing. A rotation of the spool is biased in a first direction. The peripheral wall has an opening therein. A tether is attached to the spool and has a free end extending outwardly through the opening. The spool rotates in a second direction as the tether is extended outwardly of the housing. An anchor is attached to the tether. A clasp attached to the housing is attached to the catch. The tether is released outward of the opening so that the anchor falls into a body of water and comes to rest on a bottom surface of the body of water.