Ideally there should be a strategy while you are planning to go to MS for further Studies. I have created a table which will guide you how to plan your MS right from your studies to your Application Submission to the Universities.
This is the best structure that you need to follow, to pursue your dream to study for MS. All the months mentioned are with respect to the year before you are planning to go for MS and this table is only for Fall Semesters.
|GRE and TOEFL Studies||March to June. You may start early.|
|GRE and TOEFL Exams||In Between July and August|
|Selecting The Universities for MS||In Between September and Early October.|
|Applying Online to the Universities||October First and Second week|
|Statement Of Purpose and Scholarship Essays||In October Itself.|
|LOR and Transcripts.||In Between September and November|
|Bank Statement for showing Funds, Preparation.||In Between August and October|
|Preparing your Final Draft||November First week|
|Posting your Application||In Between November Last Week and December First Week|
So To Conclude I would say Planning Ahead always helps you to get into a Good University and also relieves a lot of pressure since you have applied well before time.
All the Best.