Begin by measuring out your eggnog and heavy whipping cream. In a glass measuring cup, combine these two ingredients and set aside.

In a medium saucepan, whisk together the granulated sugar, cornstarch, salt, and ground nutmeg.

Add the egg yolks into the saucepan with the dry mixture. Whisk vigorously until smooth.

Gradually whisk the eggnog and heavy cream mixture into the egg yolk mixture.

Place the saucepan over medium heat, stirring constantly. Cook the pudding for about 8 to 10 minutes until it thickens and starts bubbling.

Once thickened, remove from heat. Stir in the rum extract and pieces of unsalted butter until melted.

Cover the bowl with plastic wrap, pressing it directly onto the surface. Refrigerate for at least 4 hours or overnight.

When ready to serve, scoop into individual bowls and top with whipped cream, grated nutmeg, and sugared cranberries.