The way in which Value for Money (VfM) is understood and implemented has been a concern of the Bond Disability and Development Group for a number of years. In our experience, programmes that include people with disabilities are often assumed to represent poor VfM – mainly because they have a higher cost per beneficiary when compared to non-inclusive programmes. This paper makes the case for inclusion and argues that interventions that exclude people with disabilities do not represent good VfM. It then provides practical guidance on how to assess the VfM of programmes in an inclusive way. The paper is not about pushing back against the need to achieve VfM. Instead it is about avoiding conflict between VfM analysis and disability inclusion, and progressing the agenda in an inclusive way. We hope it will be a useful resource for those who use VfM assessments including donors, members of the Bond Disability and Development Group and the wider NGO sector.