A raise the answer to your cash flow challenge?

You’ve tweaked and tweaked your budget here and there, and you are being completely virtuous about spending. However, at the end of your pay period, the balance in your bank account is a little too close for comfort- to the bottom.

Maybe your issue is cash flow.  When’s the last time you were given a raise at work?

Now- I warn you, there are other, less potentially career-limiting ways to boost your cash flow. But if you haven’t received a raise in a while, and you feel that it is a possibility, then make the ask. But be sure you do it properly.

How’s business?

If your company is in rounds of layoffs, or in a sector that is troubled at the moment, asking for a raise when others are trying to keep their jobs, is probably not a good idea. Timing matters.

Critical self-review

Get out your pen and paper and make your case. Pretend you are your boss, and that you are going to say no.

Why should you get a raise? Go back over the last several months and document times that you’ve gone above and beyond, or delivered something raise-worthy consistently to the workplace. Do you have initiative? Are you a stellar team player? Have you been proactive in coming up with creative solutions? Have you logged extra hours without being asked?

Do your homework

What are other people paid, on average, in your industry- in your position, with your skill level and experience? If you are out of range, you can point that out politely too. Do you make less than your peers in your work place?

Have a number in mind

Don’t make an outrageous request. Instead ask for a set number, and be willing to negotiate. Is there something else that might help you out other than a straight raise (that might also help with cash flow too)? How about flex time, compressed work weeks or extra vacation time- that could all help with child care.

Rehearse

This isn’t easy. Role play and try to anticipate objections. Think of how you might respond.