In the present day scenario where cost of living is heading north with each passing day, everyone needs more money than one is currently making. There are two ways of going about achieving this goal of making more money. Look for lucrative opportunities outside the organisation you are working for or ask for a raise from your present employer. The latter is easier said than done.

Asking for a raise is not easy, it has its own list of Do’s and Dont’s and requires a lot of home work to be done before you set up a meeting with your boss to discuss the same. A raise here does not mean just a nominal increase in salary which is just equivalent to the rate of inflation. Rather, it is a reward for your performance and contribution to the company that goes beyond expectations.

Remember, nothing ventured, nothing gained. So take the plunge and ask for that much deserved raise.

Here are five steps to plan your pitch and get the pay you deserve.

Sell yourself: Prove to your boss that you are an excellent resource. You need to show your boss the value you add to the team and point out specific instances you went above and beyond the call of duty. In order to make your boss feel that he needs you, make a list of the goals you have accomplished for the company. Determine how their accomplishment has helped the company. Document costs savings, productivity improvement, superior staff development, important projects achieved, and ways in which you have contributed more than your job required.

Ideally, you should take five to seven of your most recent or biggest-impact contributions and present them in a bulleted list. It would be a good idea to insert a list of recent trainings and credentials, or a degree that you’ve received that is ultimately benefiting your employer.

Research and compare: You need to know what others in your field are paid and what your position is worth. Network with other employees in similar jobs in similar industries to determine your salary competitiveness. You can use that figure as a starting point for negotiations. If you are already paid above your market pay rate, negotiating a pay raise can be difficult. However, tell your boss the specific pay raise you'd like to see. Be prepared to present your research that supports your request for a pay raise.

Consider alternatives like benefits and perks: You should be ready for any outcome of the discussion with your boss. There can be a number of reasons your boss may turn down your request. In such a scenario shift gears. Suggest an upgrade in your position, negotiate for vacation time, flexible work hours, stock options or tuition reimbursement. A raise doesn't have to come in monetary terms alone.

Timing is critical: Familiarize yourself with your employer's pay practices. If, typically the salary increases once a year after an annual review, it is improbable that you will receive a raise at any other time. Approach your boss after you've done well on a project or taken on extra responsibilities. This will help your case because your boss already will have a positive taste in his or her mouth.

Be Professional: Set up a meeting with your boss and approach the subject like two parties trying to reach a compromise. Look at the proposition from the side of your employer. When making your case,don't compare yourself to co-workers, stick to the field in general.Don’t be cocky or greedy and don't threaten to quit unless you really mean it. If you give your boss an provocation "Give me a raise or else" you just may find that "or else" is your only option.

Negotiation is a give-and-take process until an eventual agreement is reached between two or more parties. A company never gives a raise or some other compensation based on an employee’s individual needs. So do not request a raise in response to newly acquired financial responsibilities or debt from the purchase of a house or car.

Finally, remember you should be offering extensive and solid value to the organization before taking up this subject with your boss.