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I culled this very interesting list of tips from a foreign personal finance blog, Moneycrashers and I think its worth a try if you have the balls.

1. Know What You Are Worth
Before you ask for a raise, be sure that you are worth more money than you are already receiving. Your worth depends on such factors as how much others earn in your field, your level of experience, your special skills, and even your geographical location.

2. Understand Company Policy

In addition to knowing what you are worth, it is essential to know your company’s policy on raises. If your company only gives raises after performance reviews, prepare to ask then. Your company may also have a policy of giving raises only after achieving certain goals. Review your company’s employee handbook, or contact human resources for information.

Follow the link below for the rest

How to Ask Your Boss for a Raise at Work and Get It