Preheat oven to 350F. Grease the cavities of a cupcake pan and set aside.
Over medium heat, mix together milk and evaporated milk. Let heat up for 2-3 mins. Next stir in saffron (crumble the saffron with your hands as you stir it in, this breaks apart the strands), cardamom powder, nutmeg, sugar and vanilla extract. Raise heat slightly and continue to stir until mixture comes to rapid boil (takes about 3-5 mins) and then remove from heat. Pour mixture into a large bowl and let cool in the fridge for 15 minutes.
Distribute bread pudding amongst the cavities of the cupcake pan. No need to pack it in, just simply take a spoon full at a time and fill up the cupcake cavities.You can fill it all the way up. You may have some batter left over. I discarded the left over batter since there was egg in it, but make sure to scrape up the saffron before doing so. Bake for 20 - 23 minutes or until slightly golden brown. There shouldn’t be any excess liquid. * If you prefer a softer/soggy texture, bake for 15-17 minutes.