Start by gathering your can of sweetened condensed milk and your kitchen tools. This will ensure a smooth cooking process.
Pour the entire can of sweetened condensed milk into a medium saucepan over low heat. Slowly heat the milk, stirring constantly with a whisk. This is key to preventing it from scorching.
Continue to cook the sweetened condensed milk for about 10-15 minutes. As you stir, you'll notice it thickening and changing color to a beautiful caramel hue. Don’t rush this step; patience is important!
Once it reaches a thick, pourable consistency, remove it from the heat. If you want a thinner sauce, you can add a splash of milk to loosen it up.
Allow the caramel sauce to cool slightly before transferring it to a glass jar or container. It will thicken more as it cools.