Increase Your Income: Ask for a Raise

photo credit: kevindooley

Over at About.com’s Financial Planning site they recently talked about asking for a raise at work. Obviously, this is one of the easiest ways to increase the amount of money you’re earning, but most of us find it one of the hardest things to do.

They had a few tips to make it a bit easier for those of us who feel we’re underpaid for the work we do. The most important lesson is to remember that in fact, very little bad can come of your attempt - if the boss says no, it’s not the end of the world. Of course, you should be confident that the boss values your work before you ask for more compensation.

Some useful tips to help make your request more successful include doing your homework, being prepared and picking the right time. Do research ahead of time to find out what other companies are paying to people in your position, as if they are paying more this is a strong argument for you to be better compensated. You should also be prepared with some justification of the hard work you’ve been doing, for example writing up a list of your recent accomplishments and having your recent (hopefully good) performance appraisal to hand. And finally, schedule a meeting about it at a suitable time with your boss, not when you’re both likely to be stressed or busy.