It depends on your capabilities. If you are having a good confidence level that you are sure you would crack it the time doesn't matter. As for example a friend of mine didn't even know the format of ielts and what it is but he managed to score 7 bands overall by preparing for just 3 days ya his schooling was in English and he watches a lot of Hollywood movies. 

Hey

There is no as such the right time to prepare for IELTS. As you can prepare for it side by side with your regular study with the help of study materials or maybe a coaching class.

Here are some articles that will surely help you with the same:

http://www.studyabroad.careers360.com/ielts-exam-preparation-tips

http://www.studyabroad.careers360.com/articles/ielts-preparation-books-and-study-materials

http://www.studyabroad.careers360.com/ielts-e-book-complete-guide-test

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