Remove the outside wrapper to reveal the wax coated cheese. Remove the wax strip that goes round the centre of the cheese.
Using a small sharp knife, make different monster faces in the Babybels.
Add a little honey to the edible eyes. Use the handle of a teaspoon for ease.
Stick them on the cheese, along with any of the cut out wax you might want to use (eyebrows, horns, wings, etc).
Repeat for as many cheeses you are making.
Notes
If you didn't want to use edible eyes (they are hard candy/sweets), then you could use adhesive googly eyes and they would come off when the wax coating is peeled off to eat.
If you want to get the kids involved in making their own, then you can get them to use a toothpick to mark out the spooky monster faces they want, and then a grown-up can use a small knife to fully cut them out.