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Step 1
Peel the peaches and dice them. In a small bowl, combine the chopped peaches with sugar and water and mash. You can use a fork if the peaches are really soft, or you can do what I did and use a potato masher - it worked great! You don't want to completely mash them, especially if you want some larger pieces of peaches in your ice cream.
Step 2
Once the peaches are mashed, drain the mixture through a fine mesh strainer, reserving the juice. I strained the mixture several times to get most of the moisture out of it. You should have 3/4 cup of juice, but if you have a little bit less than that, add a little bit of water to bring the liquid to 3/4 cup. I usually have a little bit more, so I have to dump the extra juice out!
Step 3
Combine the mashed peaches, the reserved juice and the sweetened condensed milk and mix with a spoon just until combined. Pour into a shallow pan - I use an 8X8 square pan. The shallower the pan, the faster the mixture will freeze. Freeze until firm - at least 3-4 hours.
Step 4
Break the frozen mixture into chunks and place in a bowl for about 10-15 minutes to soften a little bit. Use an electric mixer to beat the mixture for several minutes. Whip a cup of whipping cream and fold it into the peach mixture. Pour back into the pan to freeze until firm before scooping and serving.