Should I Ask for a Raise — and How Do I Know What to Ask For?

If you’re wondering “Should I ask for a raise?” or “How much should I ask for?”—you’re not alone. Many people hesitate to have this conversation, even when they’re doing great work and deserve more.

Here’s the truth: if you’re asking the question, there’s a good chance the answer is yes. But asking confidently and knowing what number to ask for takes preparation. Let’s walk through how to figure out if you should ask for a raise and how to determine the right amount.

Should I Ask for a Raise?

If you’ve started questioning whether you’re being paid fairly, that’s your first clue. Chances are, you should be asking for a raise.

You are your own best advocate. Your manager might not be fully aware of everything you’re contributing or how your role has grown over time. It’s your responsibility to speak up, back your request with evidence, and ensure you’re being fairly compensated.

That said, it’s also important to be honest with yourself about your performance. A raise is easiest to justify when you’re meeting or exceeding expectations.

Here’s how to assess your readiness:

• Track your accomplishments and wins throughout the year.

• Save positive feedback from clients, colleagues, or managers.

• Note how your responsibilities have increased over time.

Keeping these examples documented gives you concrete proof of your value.

We’ve created a free [Brag List Template] to help you start tracking your wins.

How Much Should You Ask For?

Once you’ve determined you’re ready to ask for a raise, the next question is: how much?

You’ll need to understand your market value—what someone with your role, skills, and experience is typically paid in your location and industry.

1. Know Your Number

Here’s what to factor in:

• Location: Salaries vary depending on the city or state’s cost of living.

• Role level: Make sure you’re comparing the right level (associate, senior, manager, etc.).

• Experience: Consider both your years of experience and the relevance of that experience.

• Industry: Pay ranges differ significantly across industries.

• Performance: If you’re exceeding expectations, that should be reflected in your compensation.

  
  

2. Research Market Compensation

Use these sources to benchmark your pay:

• Online Salary Databases: Check Glassdoor, Salary.com, Payscale, or Indeed.

• Networking: Ask trusted peers in your field about typical ranges. Even if they can’t share exact numbers, ask if they’re “above or below” a figure to get a sense of the range.

• HR Department: Your HR or People team can confirm internal pay bands or whether your role’s market rate has shifted.

• Job Postings: Many new listings include pay ranges—use these to cross-check.

• External Interviews: Even exploring other opportunities can reveal what your market value truly is.

Prepare to Make Your Case

You are trading your time, energy, and skills for money—so it’s essential that you’re fairly compensated. To make your case effectively:

1. Gather your evidence. Use your Brag List to outline the value you’ve added—whether that’s saving time, generating revenue, improving a process, or taking on new responsibilities.

2. Understand timing. Raises and promotions usually follow a company cycle. If decisions happen in March, start the conversation in Q4 of the previous year.

3. Be specific in your ask. Aim for a number (or range) backed by research. For example: “Based on my contributions and current market data, I believe a salary in the range of $X–$Y is appropriate for my role.”

4. Be ready for next steps. If a raise isn’t possible right now, ask when you can revisit the discussion—and what specific goals you’d need to hit to earn it.

Want to learn even more about preparing for the raise season? Listen to the Want a Promotion Next Year? Start Now episode of the Deeply Invested Podcast.

Beyond Salary: Other Compensation to Consider

If your employer can’t increase your base pay, you can still negotiate for additional benefits. Consider asking about:

• Performance bonuses

• Stock or equity options

• Education or certification reimbursement

• Additional PTO or flexible scheduling

• Title changes or professional development opportunities

These perks can also enhance your total compensation and long-term career growth.

Final Takeaway

If you’re questioning whether to ask for a raise, it’s probably time. You work hard—and your compensation should reflect that. Do your research, document your wins, and confidently advocate for yourself.

And if you find that your company can’t meet your market value? That might be your cue to explore new opportunities that will.

You’ve earned it. 

Want to feel more confident with your money — and actually enjoy the process? Join the Your Money Style Newsletter for weekly tips, motivation, and tools to help you build a financial life that feels aligned, not restricted. ✨