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Step 1
Combine the sugar and water in a heavy-bottomed stainless steel (or other light-colored) pot.
Step 2
Set your other prepared ingredients and a whisk within easy reach.
Step 3
Place the pot over medium heat and stir frequently with a spatula until the sugar has dissolved. If you see sugar crystals forming along the sides of the pot, use a pastry brush wet in a small bowl of water to brush the crystals away.
Step 4
Once the sugar has fully dissolved, stop stirring! Swirl the entire pot gently if needed, during this next phase of cooking.
Step 5
Turn the heat up to medium high and watch the sugar for the change in color. This takes 4-5 minutes, but you cannot walk away, because the color changes in an instant. Once the dissolved sugar mixture reaches a medium copper color, quickly turn off the heat, and add the butter and heavy cream, whisking constantly. Continue whisking until the mixture becomes homogeneous and all clumps dissolve. If you need to, place the pot over very low heat while you stir to help the caramel sauce smooth out.
Step 6
Transfer immediately to a heat-safe container, allow to cool, and store in the refrigerator up to 10 days.