With the prices of stuff today, it is a lot cheaper to make it yourself.. And it seems to taste better.. I also know powdered milk is high, but compare it too 1 can of Eagle Brand Condensed Milk and it is a lot cheaper :)
1/3 cup water
2/3 cup sugar
1 cup dry powdered milk
3 tbsp. butter or margarine
Heat a bowl of water in microwave until it is very hot (can use tap water if you can get it steaming hot). Combine remaining ingredients in a small bowl. Add hot water and beat with an electric mixer or wire whisk until smooth.
Note:
This should be made as you need it and will not store well. 1 batch equals 1 can of store-bought sweetened condensed milk.
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