You know it's not the best of time to ask for a raise, but you have got to live, right? And while you enjoy the challenge, like the exchange of ideas and are comfortable with company directions, you know you can't live off these non-monetary perks for long. They can't pay your mounting bills, long-term mortgages, loans, and basic survival necessities, can they?

So you are resolute about going in there and asking the boss for that long-overdue salary increase. But though you may deserve it, have you thought about how you're going to convince him to see things your way?

Asking for raise should be a carefully planned move, not a spur-of-the-moment thing, because a lot is at stake here. To make sure you don't foul things up, here are tips for coming out a winner at the negotiating table.

• DO PREP WORK
  Don't just barge into you boss' cubicle and make demands. Figure out first why you deserve a raise. Compile a list of your significant contributions that prove that your continued stay would benefit the firm. Your accomplishment list may include instances where you saved money for the company, increased workplace productivity, notched record sales, received glowing performance appraisal and assumed more responsibilities and authority. A good strategy would be to keep a running journal of your major work milestones so that when it's time to solicit a raise, you don't need to squeeze your brains remembering past victories.

• COMPARISON SHOP
  Perhaps you want a pay adjustment because you feel short-changed. Do a bit of research and make discreet, informal inquiries beforehand about the pay scales for similar positions. If your hunch is right – that you're pretty much on the lower end of the salary bracket – you'll be better prepared to justify your request.

• CONSIDER TIMING
  The best time to seek higher pay is when any of the following elements are present: you've just pulled off a jaw-dropping feat, the boss is in a jovial mood, you've just been offered another job (but don't gloat). When is it lousy timing? When a new management has taken over, your work is so-so, or your organization has been hard hit by the crisis.

• HAVE OPTIONS
  Pre-meeting preparations should also include coming up with several options should your original request meets opposition. If the big boss tells you he can't grant your request, then be ready to whip out other options. For instance, you can suggest a cash-and-incentive combination or other arrangements that are less likely to make a dent in your company's pocket.

• STAY SWEET
  You've managed to wangle a meeting with your boss, who's obviously in a good mood. Be pleasant and cooperative. Let him know you're not there to make threats, issue ultimatums, or try blackmail, but would like to cut a deal agreeable to both sides. Present your case, backed by facts, objectively, not in a whining or, or worse, pleading manner. Remember that after you leave his room, you're likely still going to work with him whatever the outcome.

• WATCH YOURSELF
  During the negotiation period, it's best to keep some things in mind. Don't lie since you'll be found out eventually. But total candour isn't necessary either. There's no need to reveal everything, particularly how shaky you feel your position is. Speak with the intention of putting yourself in a positive light and of helping yourself win your cause.

• DON'T BE GREEDY
  Know when not to push your luck. Be willing to make trade-offs and don't keep pushing your boss against the wall.

• LISTEN
  If your boss offers alternatives, hear him out. However, you need not be compelled to accept or suggest anything you don't want. And avoid rash actions. Request for a day or so to decide on any counteroffer he makes.

• SHOW YOUR FEELINGS
  And should negotiations come to an unsatisfactory ending, again threats, tantrums, and abusive words are highly uncalled for. Just show genuine disappointment and exit gracefully. Given that you are really a company asset, let your superior stew over what you might do. Would you lose your spark, seek a transfer or, worse, resign? The tide may just turn in your favour.

If it does not, take this as a learning experience so that should you need to go to the negotiating table again, you'll be better equipped to play the game.