Fourier transform spectroscopy (FTS) is a fundamental analytical tool utilized in many chemical and biological analysis applications. It is especially well-known and widely used for its powerful analytical techniques to measure the spectra of a weakly extended source. The purpose of this study is to create a compact, low-cost FTS system utilizing a miniature liquid crystal interferometer. This design is unique because the optical path difference (or phase difference) is controlled by the applied voltage. The optical path difference is further improved by incorporating two reflective mirrors between the two polarizers. In this article, we will present the theoretical model, numerical simulation, and experimental results of the proposed FTS. Based on the experimental results, the FTS performs in accordance with the theoretical predictions, achieves a maximum optical path difference of 210 m, and a resolution of 1nm at a wavelength of 630 nm. The instrumental response refresh rate is just under 1 second. Absorbance measurements were conducted for single and mixed solutions of deionized water and isopropyl alcohol, successfully demonstrating agreement with a commercial system and literature values.