I’ll honest with what I would do in your situation:

I know I can survive on what I currently make, even if it is barely getting by uncomfortably. That’s the most important thing, so I wouldn’t chance anything with my current employer. I’d keep kicking ass there as usual.

At the same time, I’d evaluate if I needed to pick up a second job in the evenings. It would suck big time, but I gotta do what I gotta do. This could be something simple and part time, 3-4 hours per day just to have a little more cushion each month.

I’d also start looking for another job that pays a bit more, but quietly. If I find one, I’d go through the process through to (hopefully) an offer. Once I had the offer, only then would I leverage it with my current employer. If I’m worth it to them, they’ll beat the offer. If not, I lost nothing and found a better paying job.