Step 1

Add all of the ingredients, except the vanilla extract to a medium saucepan.  Simmer on low heat for 20-30 minutes or until thickened and reduced by almost half.

Step 2

Mine took exactly 28 minutes. Be sure to stir often and don't walk away from it. The mixture will thicken further as it cools.

Step 3

Remove from the heat and whisk in the vanilla extract .  Allow to come to room temperature, then store in the fridge for 5-7 days.  When you are ready to use it in a recipe that calls for Sweetened Condensed Milk, pop in the microwave for 6-8 seconds and it will loosen up perfectly! Or add a tiny bit of hot water and stir!