Preheat oven to 350˚F. Coat a 1-quart baking dish with cooking spray.

In a large bowl of an electric mixer, combine eggnog, sugar, eggs, nutmeg, and vanilla extract. Mix until well combined, about 1 minute. Add bread cubes and toss with a spoon to coat thoroughly.

Pour egg and bread mixture into prepared dish. Bake for 40 to 45 minutes or until a knife inserted in the center comes out clean.

Allow bread pudding to cool on a wire cooling rack for 15-20 minutes. Serve warm topped with salted caramel sauce and whipped cream, if desired.