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Step 1
Preheat oven to 350 degrees. Spread walnuts in an even layer on a baking sheet and toast for 5-10 minutes, tossing occasionally. Remove walnuts and set aside to cool when they are one shade darker and smell toasty. Chop into small bits.
Step 2
Meanwhile, lightly spray a 9x5 loaf pan with cooking spray and then line with plastic wrap, leaving an overhang on two of the sides.
Step 3
In a heavy-bottomed medium saucepan, bring evaporated milk, brown sugar, butter, and salt to a boil, stirring constantly. Once boiling, reduce to a simmer over medium low heat.
Step 4
Simmer, stirring constantly. until the mixture reaches 236 degrees on a candy thermometer (soft ball stage*). Start checking temps around the 8 minute mark just to be on the safe side. It may take anywhere from 10-25 minutes depending on your range and pan.
Step 5
Remove from heat and transfer to the bowl of a stand mixer. Beat in confectioners sugar on low, scraping down the sides.
Step 6
Increase the speed to about medium and beat until the mixture is smooth and slightly thickened, about 3-4 minutes. Reduce speed to low and add vanilla extract and chopped walnuts.
Step 7
Spread the fudge mixture into the prepared pan, smoothing it out with a spatula. Refrigerate, uncovered, for about 20 minutes or until firm. Turn out fudge onto a cutting board and remove plastic wrap. Cut into small squares.