spending vs outlay

spending and outlay both are nouns.

Word	Noun	Adjective	Verb	Adverb
spending	Yes	No	No	No
outlay	Yes	No	No	No

As nouns, spending and outlay are synonyms defined as:

Other synonyms of spending include disbursal, disbursement.

As nouns, spending and outlay are synonyms defined as:

Other synonyms of spending include expenditure, outgo.

spending (noun)	outlay (noun)
the act of spending or disbursing money	the act of spending or disbursing money
money paid out; an amount spent	money paid out; an amount spent