Canadian Finance Blog

Posted: 02 Nov 2011 02:00 AM PDT

There’s a lot to be said about frugality. The more you can do with the money you have, the richer you will feel. A lot of frugality is easy to do, feels rewarding, and gives you great benefits. But frugality can only take you so far. Eventually, there is just not enough hard cash to go around. Maybe the needs of your family have changed, or maybe you’re just sick of pinching every single penny. Sometimes, you just need to make more money.

The easiest way to make more money is to simply work more. Get more shifts at work, do some overtime, or get a second job. This way is easy because you’re simply exchanging more of your time for some more money. However, this is not always advisable. Working more means you’ll be more tired, more worn out, and have less time with loved ones. What’s the point of making more money if you are unable to enjoy it? So while getting a raise at your current job is definitely harder, it is far superior. It’s better to get more money for the same amount of work. So here are three techniques you can try to use to get a raise.

Make Your Boss Look Good

Bosses are just like you. They want to do well at their job, and the less they have to do in order to get good results, the better. So if you do the leg work for them, they may just be willing to remember you when it comes time for salary reviews. For example, at my last job there was some a project that needed to be done, and no one was doing it. It wasn’t my responsibility, it was the responsibility of the pay group above me. However, the task needed to be done and it wasn’t getting done. So one day when I approached my boss and asked him why it wasn’t being done, he simply said that no one wanted to do it, and so it kept getting pushed off. I instantly volunteered to do it for him, and he agreed. This way, he gets the credit for getting the project done, and I get to look good for my boss. In response, he ended up giving me a performance bonus at the end of the month.

Ask

About 6 months before your next performance review, request some time with your supervisor. At that meeting, ask what you need to do in order to get a raise in 6 months. Set two or three goals with your supervisor, and get them in writing. Then, meet or exceed those expectations. These can be any goals, from improving sales by 10%, or bringing in 3 new clients each month, or simply arriving on time for work each day for those 6 months. These goals will completely depend on your role and job. When it comes time for your performance review, bring the written agreement you had, as well as documentation that you met or exceeded each of those goals.

Compare Salaries

Do you want to get a raise because you feel you are underpaid? Perhaps you are. Start looking for a new job doing the same role you currently do. See what type of salary they are offering. Is it significantly more than you are getting paid? Document this information, and wait for the right moment to ask your employer for a raise. Shortly after they’ve praised your work, for example. Simply state that you enjoy working the company, and that you’d like to continue to bring value to the company, but that there are plenty of companies that are offering better compensation for the same work. Ask that your employer attempt to match the salary. If you do this, however, make sure you are willing to actually leave the company to work for a different employer should they decide not to give you a raise.

When was the last time you were able to get a raise?

3 Ways to Get a Raise originally appeared on Canadian Finance Blog on November 2, 2011.