How many times have you wanted to bake something only to find out that you don’t have any condensed milk? This would usually be a deal breaker for me because it would take approximately 1 hour for me to duck into the nearest Coles, Woolworths or Aldi (25 minutes each way, plus shopping time).

Luckily there is an alternative! It is this quick, 4 ingredient recipe that you can make within 5 minutes and use immediately.

I couldn’t believe how good it was until I tried it. Best of all, the total cost to make 500g of condensed milk is under $1. The tins only have 395g in them and the different brands range from $1.60 -$3.00 per tin.

Store any leftover condensed milk in your fridge for up to a week or put it in the freezer (defrost overnight when you want to use it).

I used this condensed milk to make a fantastic caramel slice.