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Step 1
Remove the label from the can. Only use a can of condensed milk that has a sealed lid for this method: do not use a can with a pull-tab lid. There will be a fair bit of pressure building up inside the can as you boil it, and you don’t want the lid popping off.
Step 2
Fill the saucepan with room temperature water. Make sure the can is fully immersed and that there’s an extra two inches (five cm) of water covering the can. This will prevent the can from overheating and possibly exploding, and prevent the milk from burning.
Step 3
Place the unopened can in a medium or large saucepan. By placing the can on its side, you will prevent it from bouncing around as the water boils.
Step 4
Bring the water to a simmer over high heat. When it begins to simmer, turn it down to medium heat and allow to simmer for two to three hours (two hours for a lighter dulce de leche, or three hours if you want the sauce thicker and darker).Check on the can every 30 minutes. Turn the can every half hour to prevent scorching. Top up the water as needed to ensure there’s always one to two extra inches (two-and-a-half to five cm) of water covering the can.
Step 5
Remove the saucepan from the heat. When two to three hours are up, remove the can with a slotted spoon or tongs and place it on a wire rack. Allow it to cool to room temperature.Don’t open the can until it has fully cooled.