I do use condensed milk quite often, in baking and to make Russian caramels, but I can assure you I wouldn't be if I had to pay $2.50, let alone $3.20, a can (and those cans are about 30g smaller than they were when they were $1.69!).
MOO condensed milk has been a staple in my pantry for years. It's easy to make, tastes and works exactly like the tinned version and costs less than $2 to make more than double the quantity you'd be paing $3.20 for.
Here's my go to condensed milk recipe - and don't worry about being able to store it before it goes yellow. It will keep in the fridge for at least a week, longer if you turn the container upside down. But it freezes! Yes, put any extra in the freezer until you're ready to use it in another recipe.
MOO Condensed Milk
1 cup hot water
2 cups skim milk powder
2 cups white sugar
6 tbsp butter or margarine
Place all ingredients in a food processor and mix for about 3 minutes. The mixture will be quite thin, but thickens on standing for about an hour. Use immediately or refrigerate for up to one week. Can be frozen, thaw before use.
Makes 3 cups.
Seriously, it is so quick and easy to make and so cheap - why would you ever spend your hard earned dollars on tinned condensed milk?
Shared from Debt Free, Cashed Up and Laughing