On the face of it, this may seem a terrible time to ask for a pay rise, what with the economy being in such a parlous state.

Equally, we’ve all got bills to pay and with inflation still around the 3.5% mark, we need to do something to try and keep up with the cost of living.

So if you feel you do deserve/want/need a raise, what’s the best way to go about it? Your Money has some ideas.

As with most things in life, planning is key. A calm, rational, well-thought through approach is much more likely to succeed than storming into your boss’s office and demanding a 100% increase in your salary.

And even if the former doesn’t bear fruit, at least you’ll leave the meeting with your dignity intact and without having damaged your employment prospects.

Firstly, check out the state of the company. If they’re busy making massive redundancies, then this perhaps isn’t the time to be asking for a raise, unless you’re particularly fond of daytime TV. If, however, they seem to be in reasonably good shape, then there’s no reason why you shouldn’t proceed.

Try and find out the going rate for the job. If you can somehow glean what your colleagues are on, so much the better, but if not, other similar size companies will do.

Write down what you actually bring to the business. What makes you special and deserving of a pay rise? What makes you worth more?

Make an appointment to see your boss about a pay rise. A formal, sit-down affair is much more likely to elicit a response than ‘have you got a minute?’. If possible wait until the next pay review as everyone’s minds will be focused on money anyway.

If the company has a process on how to ask for a pay rise, follow it. This is not the time to be a maverick.

And make sure you’re meeting with the right person. It may be that your immediate boss will have to get approval from someone else before they can proceed. This will have an impact on the type of evidence you need to present.

Once you’ve arranged the meeting, marshal your arguments effectively. Show that you’ve done your research and come up with a comprehensive strategy as to why you should be paid more.

Try and get inside their head. What are they looking for from the company? Their job? You? Understanding their motivations and needs will enable you to approach the negotiations more effectively.

And always go in to the meeting with a number in mind. Know what you’re prepared to settle for and if possible always let your boss come up with a figure first. If you are forced to name your price, offer a figure that isn’t a round number.

A rise doesn’t have to be just about money. What else would mean a lot to you but cost the company relatively little? Would you like to join the company’s health scheme? Have a better car? All these are good add on options or could be a nice increase in their own right.

Don’t rush into anything. It’s all too easy to jump into something but silence can often be an extremely useful negotiating tactic. If necessary, say you’ll get back to them in a few days.

Before you leave the meeting, summarise what has been agreed, This will avoid misunderstandings. And always make sure everything is confirmed in writing.

Whether or not you get a rise, always be polite. Thank your boss for his/her time and, even if inside you're a seething mass of resentment, don’t let it show.