In the field of human capital development, and more specifically vocational education and training (VET), financing is made more complex by the high multiplicity of stakeholders contributing to and benefitting from VET. Therefore, there is no simple approach defined yet to help partner countries address financing in a holistic and strategic manner. This paper aims to pave the way for such an approach. First, there needs to be a common understanding of what is at stake in the area of financing. Second, a methodology is needed to guide stakeholders through the analysis, decision-making and implementation phases in this field. After elaborating on the rationale for investing in the area of financing, this paper outlines the challenges that many partner countries face in financing their VET systems and policies. The paper provides a working definition of the term ‘financing’ and proposes a methodological approach to support the policy dialogue on financing in partner countries.