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Start with a smaller crock pot. But a larger pot will be fine but may cook a bit faster. Give it a heavy spray of PAM.
Combine one 14 oz can sweetened condensed milk, two 12 oz bags of chips, and 1 teaspoon vanilla. Cook in the crock pot on low for about 2 hours with the lid OFF. Stir halfway through and then check occasionally. I suggest semisweet or dark chocolate for one bag and butterscotch for the second bag. You may use two bags of chocolate if you wish.
Prep an 8 by 8 or 9 by 9 dish with crossing sheets of parchment paper. Also, butter corners well to prevent sticking. I like to just a touch of butter under the parchment paper to hold it in place.
When the fudge combines easily, mix in 3/4 to 1 cup of chopped walnuts if you wish.
Pour into the prepared pan and smooth. You can add other toppings at this time. Refrigerate until firm (at least 2 hours).
Remove from pan and cut into serving-size pieces.
Store in an airtight container. It should be good at room temperature for at least a week. Refrigerated for 2-3 weeks or frozen for up to 3 months.