I recently came across this quote by Everett Mamor, "Money is a headache, and money is the cure." It seems timely with the holiday season in full swing. I am sure more than a few of us spent Black Friday throwing elbows as we shopped ourselves silly. With all of that in mind I thought it was only appropriate to throw together a few tips for anyone looking to make more money as they ring in the new year. Yes it’s that time again—time to negotiate your salary.

There are a number of things to keep in mind when negotiating a salary increase--your industry, your experience, your boss, your office, etc. Although there are thousands of variables to consider, we have narrowed them down to five “must-think over” categories before approaching your boss—Timing, Research, Benchmark, Bragging, and Gratitude.

Timing: This one is by far the most important. Before engaging in a conversation about your salary its important to know and address how your company is doing as a whole. Some questions to consider when looking at the position of your company are, “Is your industry flourishing?” “Is your company hitting its quarterly goals?” If the industry is struggling its important you are aware of the odds against milking more of the company’s budget for personal gain. Considering our economical situation, I can imagine many of you are in this place. This does not mean you should scratch the dialog all together, however it is better to acknowledge it early in the conversation. Start with something like “I know the company’s margins have been tight, but I still feel my work ethic and performance supports this conversation.”

Research: Know your company’s salary policies. Chances are good you signed a contract that outlined how often you would be eligible for a salary increase, or for some lucky few had a built in salary increase every 6 or 12 months. Be sure to know the details of this policy and be ready to push the envelope on why you would like to consider a salary increase sooner. Its best to have the policy printed out in front of you. The more information you have in front of you the more obvious it is that you do not want to waste any of your boss’s time. They will most likely appreciate your preparation.

Benchmark: Another key thing to research is the average salary someone with your experience is getting paid. Have numbers in front of you to show them, the more prepared you are, the more they will pay attention and the less likely it is that you will be intimidated by the official jargon. Some bosses won’t talk specific numbers in this first sit down, but its always best to throw out ranges and exact numbers for them to consider after you have made your case.

Insider Tip: Not sure how much you should be paid? Check out Salary.com, you can throw in your specific information and calculate out how much you should be getting paid. It’s based on tons of market research, so it doesn’t get anymore legit than that.

Bragging: After you have thrown out the salary you are aiming for its time to justify it. Why should you be paid more? What skills have you gained or fine-tuned that rationalize a salary increase? A great way to impress your boss is to show how you have gone beyond your job description. Show the ways you have made your value at the company a hybrid position—are you helping out in different branches? Different departments? Are you researching new initiatives outside your primary position’s description?

Insider Tip: We love Career Planner’s Job Description Tool. You can search your job title and it gives you the parameters of a common job description. It is on the minimalist side, so it would be easy to show how you are going beyond our required duties.

End Positively: No matter how they receive the conversation its important to sincerely thank them for hearing you out. As you are finishing up it’s also important to outline the next step. Nicely ask them if you should check in on this early next week, or if there is any other information they would like you to prepare for their consideration. This step is often overlooked but it’s very important to not only demonstrate your gratitude but also show your professionalism. Smile, shake their hand, and let them know you are there if they have any further questions.

Following these five steps wont guarantee you a salary increase, but at the very least you have planted the seed and justified your case. Remember it’s pretty hard to get anything if you don’t ask. Salary negotiation is never easy, but with the right research, approach and delivery it can lead to a very positive discussion with your boss on your skills, and your future with the company.

* If anyone has any other tips or advice for our readers on how they have succeeded in asking for a higher salary, we invite you to share them below! Thanks so much!