How to Better Your Finances By Asking For a Raise
Looking to better your finances? Asking for a raise is a smart move. If you’re in the process of repairing your credit and struggling to save money, then asking for a raise is key. Have you been performing well at your job? Have you been with your employer for a long time? If the answer is yes, it may be time to ask for a bump in your salary in an effort to better your finances.
Here are five ways to successfully ask for a raise to help you better your finances.
1. Time it right to better your finances
Most employees would want to receive a raise. With that being said, timing your request right is key to whether you actually receive it. Improve your chances of getting that raise you want by giving thought to to these questions:
What does the financial health of the company look like?
If your company is suffering financially, you would want to stay away from asking for a raise. Although you may not be sitting in on meetings with the CFO, you can keep an eye out for signs that spell financial trouble. Are people being laid off? Have their been cutbacks in spending? Make sure your company is in good financial standing before you ask about an increase in pay.
Is your manager stressed over work?
Your manager or supervisor typically has more responsibility and therefore may experience more job performance stress. If you know that they are currently experiencing high stress levels, you may want to stay away from adding something more onto their plate by asking for a raise. Even if you don’t know what they have going on, look for signs. Are they often in a bad mood or staying at the office really late? Pay attention to their moods and if need be, try and time your meeting right. If they do accept a meeting with you, make sure to have some ways you can perhaps help lessen their load. You always want to show how you can benefit them and in turn the company.
What time of year is best to ask for a raise?
In most businesses, there are certain times of the year when employers are expecting discussions about pay. If your company does annual or quarterly reviews, you know they are expecting discussions about compensation. Even if your company doesn’t typically do reviews, the end of a fiscal year is usually a time when businesses are working out their budget for the upcoming year. Decisions are being made about hiring and compensation for the next year. Mark your calendar and get a head start on planning for the conversation with your manager.
Did you successfully complete a significant project recently?
If the stars seem to be aligned, take time to reflect on your recent accomplishments. Did you recently achieve an important goal for the company? Now would be the time to reference it as you ask for that raise.
If you take the time to give thought to these questions, your chances of getting that raise will be much higher and you will be that much closer to better finances.
2. Better Your Finances By Preparing Yourself
Before you schedule a meeting to talk to your manager about a potential raise, you’ll want to adequately prepare yourself for the experience. Think about everything you’ve contributed to your employer since your last performance evaluation or raise. Make a list of all the ways that you’re an asset to the company and share your goals for the future. Do you hope to one day be a manager yourself? Do you want to take on more responsibility? Be honest with your manager about your reasons for wanting a raise but make sure you’re always focusing on how it will ultimately benefit your employer. If you can quantify your reasons with numbers and data, you’ll make a greater impact.
Another thing to give thought to is how much of an increase are you looking to see in your salary. Every job has a market value and you should know the salary range for your job. Take a look at the trends and compare them to what you are being paid. See where you fall in the range to see what makes sense for an increase in pay. Also, consider your education, years of experience, number of years with your current employer as well as any specialized skills you bring to the table. All of this adds value and increases your ability to perform your job.
3. Anticipate the Questions
You know your manager better than anyone else. What questions do you think he or she will ask you after you share your presentation? Be ready to answer those questions without missing a beat. You may even want to enlist a trusted friend or family member to play-act your presentation with you. Tell that person the questions you’d like him or her to ask, so you can practice answering the questions in real time and with great confidence.
4. Clear Your Head
The day of the meeting, make sure you get in the right mindset for having a serious conversation with your manager. If you like to exercise, then you may want to squeeze in a workout before the work day to relieve your tension. Avoid drinking coffee, which can give you the jitters. Also, be sure to eat a nutritious breakfast, so your brain is fueled properly. Wear an outfit that makes you feel confident and strong, like your favorite blazer or dress.
5. Be Prepared to Hear the Word “No”
Of course, you don’t want to go into your meeting expecting to hear the word “no”, but you should be prepared for the reality that your manager may deny your request or need some time to think about it. If you’re prepared for the possibility of a denial, then you won’t show signs of disappointment during the meeting. You must stay calm, cool, and collected and be ready for anything. However, if all goes well, you will better your finances by getting the raise you deserve!
Get that raise and better your finances
Dealing with financial issues like debt or credit repair, can leave you feeling like you are drowning in a financial mess. While all this is going on, you need to make more money and try and save more money. In order to better your finances, asking for a raise at work is a smart move. The above tips will help you approach asking for a raise in the most effective way possible.