First of all make sure that all four ingredients are kept ready before you start. Add milk powder, icing sugar, and butter in a mixer jar. Blend the ingredients until all the ingredients gets thoroughly mixed up.Meanwhile boil ½ cup of water and pour into the mixer jar and let it blend until a thick and syrupy consistency is formed. Your homemade condensed milk is ready. If stored in an airtight container in the refrigerator, our homemade condensed milk will set and get thicker.