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At some point in your career, you will probably look at your situation and wonder if it’s time you were paid more. We all get there.

However, it can be difficult to actually ask for a raise. If you are ready to ask for more money, here are some things to keep in mind:

Timing Matters

First of all, when you ask can make a big difference. Pay attention to your boss. When is he or she usually in a better mood?

You don’t want to ask for a raise on a Friday afternoon when all anyone wants to do is wrap up a few loose ends and get on with the weekend.

Instead, pay attention to when your boss is likely to have free time and energy to have a discussion about your pay.

While you’re at it, realize that you don’t just walk up and ask for a raise. Instead, you should make an appointment to talk about it. Approach your boss at a convenient time, and ask if you can set an appointment. Then, try to make that appointment for another convenient time. Not only will that show your boss that you are treating this request seriously, you also leave yourself some time to prepare.

Know Your Stuff

Asking for a raise isn’t about just walking in and saying you want a raise. And it’s certainly not about telling your boss that you are experiencing some tough times and you think a raise will help the situation.

Instead, you need to be able to demonstrate why you deserve a raise.

This means you need to research. What are other people in similar positions, with similar education and experience, getting paid? What is the going rate in your local area?

On top of that, you should be able to show your value to the company. Have you helped improve sales in the last few months? Have you saved the company money? Have you taken on additional responsibilities?

When you show that you are an asset to the company, you are more likely to get the raise. When you ask for a raise, you should focus on what you do for the company, not what you need in your personal life.

Be Ready to Compromise

You might not get what you ask for. Depending on the situation at the company, and the realities of the situation, it might not be feasible to give you the raise you want. You might have to settle for a smaller raise.

Or, on the other hand, you might need to look for creative solutions. Maybe the company can’t give you a monetary raise, but perhaps you can arrange for more paid vacation. Or perhaps you can work out a more flexible schedule.

That’s why it’s good to think about non-monetary things that might be of value to you ahead of time. Those are items that you can ask for if a raise just isn’t in the cards.

It’s never fun to ask for a raise, but you might need to do it to get ahead financially. As long as you do it properly, you are more likely to see an outcome that is acceptable to you.

This article was written by Miranda Marquit from MoneyNing and was licensed from NewsCred, Inc. Santander Bank does not provide financial, tax or legal advice and the information contained in this article does not constitute tax, legal or financial advice. Santander Bank does not make any claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in this article. Readers should consult their own attorneys or other tax advisors regarding any financial strategies mentioned in this article. These materials are for informational purposes only and do not necessarily reflect the views or endorsement of Santander Bank.
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