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"planning on spending" is a correct and usable phrase in written English.
You can use it to talk about future plans when spending money. Example sentence: "I'm planning on spending a lot of money on Christmas gifts this year."
Exact(40)
When planning on spending a lot of time in the sun you should wear a hat.
It is planning on spending several hundred million more.
And, honestly, that is not the way we were planning on spending the spring.
"We're planning on spending $5 million to completely redo it," he said.
"I'm disappointed," Mr. Voloj said, "because I was planning on spending more time there next semester".
Jurong bird park is also nearby if you're planning on spending the day in the area.
Similar(19)
"The interesting part is that we don't plan on spending fast.
Try to think ahead, especially if you plan on spending more than one or two nights in your car.
I planned on spending the rest of my life here".
If you get engaged, you plan on spending the rest of your life with that person.
"We planned on spending money somewhere and thought, What better place?" Ms. Cox said.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com