My increment is due after a month and I am getting some interview calls from decent companies, but I am regretting this time as it's only a month more and I can certainly negotiate a better offer once I'm making more at my current job.
You can always negotiate a better offer than your current job, regardless of what you're currently making.
Prove your value. Companies don't create and fund jobs out of the goodness of their hearts. They do it because they need something done.
Let's say that you're currently working for $36,000/year at Acme, Inc., because it was your first year out of University and you didn't know any better.
You research Frobozz Corp and discover that you can produce $500,000 worth of profit per year or save $400,000 worth of expenses per year. You present your plan to the Frobozz hiring manager and get an offer.
It is entirely reasonable to demand a salary of $300,000 per year.
"B-b-but," you say, "you were only making $36k before. That's not fair!"
You're right. It isn't far: it is business. Acme, inc's estimation of your value has nothing to do with your value to Frobozz, none at all: they're different companies, you're doing different projects, and they have different products.