Not a good idea!
This is the most common mistake many employees make. The truth is, your financial problem is not your employer’s problem. Your need has nothing to do with your request for salary increase. You don’t want to treat your company like a welfare bureau that can make your ends meet when needed.
If you want success with asking an increase, base your request on your skills, your productivity, your contribution to the company, and the going rate in your industry, vicinity or position. In other words, you base your request for a pay hike on the company’s perspective, your employer’s needs and on what you can continue to contribute to his business.
First, gather any document that would speak about your performance. You can make your evaluation from there. Some useful documents would include your job description or your task lists, your previous performance evaluations and job reviews.
Use such information to remind your boss of your contributions to the company. You can make a list of your accomplishments. It will also work to your advantage if you can attach dollar values to your accomplishments; say, the savings to the company because of your business dealings.
Next, do some research. You have to benchmark your raise with the similar jobs within your area. Asking for the assistance of job search guides may be helpful. Your request for pay increase should be within the range of industry standards.
Finally, when considering your raise, include the value of your benefits and perks in the analysis. They form part of your total compensation package and they are as good as money in your pocket. If you think you are asking too much, then it will always be wise to defer your request for the sake of a healthier employee-employer relationship.