This short guidance note is primarily aimed at designers and implementers of third party monitoring (TPM) programmes (donors and their implementing partners) that are set up to monitor donor funded infrastructure delivery in Fragile and Conflict Affected States (FCAS). It provides high-level guidance on what to consider from a value for money (VFM) perspective, when using a TPM programme. TPM can be used to collect information that improves visibility and understanding of VFM, and this information can then be used by programme implementers to make decisions that increase the VFM of donor funded infrastructure programmes.