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Step 1
Place the oil and half the butter in a large heavy-based saucepan. Cook the onion until soft but not coloured, then add the rice and stir until well coated with oil.
Step 2
Add butternut and wine and stir until all the liquid has evaporated. Add the hot water a ladleful at a time, stirring constantly until all the liquid is absorbed before you add the next ladleful. The risotto should be kept at a rapid simmer. Continue, a ladle at a time, until the rice is al dente (about 20 minutes).
Step 3
Season with salt and pepper. Remove from the heat and add the remaining butter and parmesan cheese.
Step 4
Serve immediately with fried sage leaves if wished. They add a simple garnish—cook in hot oil, a few at a time, for 10-20 seconds. Drain well and leave to crisp as they dry.