This can be made with common ingredients that should just be lying around your kitchen i.e. it's cost effective. The pudding is wicked even without the sauce!

Ingredients (pudding):

3 tablespoons butter (melted)
1 French baguette (cut into 1-inch thick slices)
¾ cup milk
1 cup sugar
1 tablespoon vanilla essence
1 tin evaporated milk
2 large eggs (lightly beaten)
½ cup raisins (I prefer to leave them out)
Cooking spray (butter works too)

Instructions (pudding):

1. Prepare rum-raisin caramel sauce & set aside (recipe below).
2. Preheat oven to 180°C.
3. Brush butter on one side of French bread slides; place bread, buttered side up, on a baking sheet.
4. Bake until lightly toasted.
5. Cut into ½ inch cubes and set aside.
6. Combine milk and next 4 ingredients in a large bowl; stir well with a whisk.
7. Add bread and raisins to mixture, pressing gently to moisten; let stand 15 minutes.
8. Spoon bread mixture into a baking dish (20x30 should do) coated with cooking spray (or the butter).
9. Bake for 35 minutes or until set.
10. Serve warm with the sauce! Serves 12 (or 4 if you're growing students).

Ingredients (sauce):

⅓ cup evaporated milk
1 tablespoon cornstarch
½ cup packed brown sugar
¼ cup dark rum (mmm...)
2 tablespoons butter
¼ cup raisins (I still reckon it's better without)

Instructions (sauce):

1. Combine milk and cornstarch in a big saucepan, stirring well until cornstarch dissolves.
2. Add sugar and rum; stir well.
3. Place pan over medium-high heat; bring to a boil.
4. Cook for 2 minutes, stirring constantly.
5. Remove from heat; cool slightly.
6. Add butter and raisins (or throw them away); stir well.

Makes ¾ cup.