Did you know you can make caramel with one ingredient in your slow cooker?  Just submerge an unopened can of sweetened condensed milk in water in your slow cooker and cook on high for 5 hours.  You could also opt to cook it on low for 8-10 hours if you will be out for the day.  Make sure you put the can(s) in a dish and put the dish in the slow cooker and make sure the cans are completely under water.  In 5 hours you'll have a can of delicious dulce de leche, caramel!

If you prefer not to cook in the can, an alternative way to do this is to open the can and put the sweetened condensed milk into a jar with a tight lid.  Close up the jar tightly and cook it the same way for the same amount of time (in a dish, completely submerged in water).  One benefit from doing it this way is that you can get the caramel to the exact color you like so if you like it a bit darker brown you cook it longer.  The pictures above are from my crock after 4.5 hours on high in the can.  From what I understand past generations use to do this on the stove top on a very low boil in years past.  This is nothing new to them!

It was about $.80 cheaper per jar for me to make it than to buy it and that was compared to an inexpensive brand of caramel that I like that usually cost me $1.99 a jar.  The can of S.C. milk only cost me $1.15. Of course, it could save you more or less depending on what you buy. 

Enjoy your caramel! :)