TORONTO -- Volatile oil prices, big swings in the stock market and a fast-looming deadline could make for the perfect storm for poor investment decisions this year as Canadians rush to make their RRSP contributions and decide where to put them.

But financial experts suggest investors need to take a deep breath, not panic and take the time needed to come up with a well-thought out financial plan to stay on track amid the turmoil on the markets.

Instead of scrambling to make a last minute decision about how to invest your RRSP contributions, financial adviser Jared Webb suggests taking a measured approach.

"You should park your money first (in a savings account), then you're not rushed into it," said Webb from Fernhill Financial in Victoria.

"You're not locked into it. There's no negative implication to it -- as long as you deal with it after (especially) if it's a last minute thing, and you're not sure what you want to do."

How you invest your money should be driven by your plan.

It should take into consideration what you want to do with the money, how much risk you are willing to take and your overall financial picture.

If you are using your RRSP to help save for a down payment on a house, Webb says you should consider keeping the money in cash or a high-interest savings account that would allow easy access to the money with little to no risk.

But if your goal is a retirement that is still years or decades away, you will want to consider riskier longer-term investments such as stocks, bonds or mutual funds.

"Market volatility always exists. As long as people are choosing products based on that end goal, then that's what's really important," said Joe Snyder, a product management analyst of Investments at Tangerine.

"Whether the market goes up and down on any given day is inconsequential. It's tough to think of the ten to 20-year time horizon, but that's what you're looking at."

Tom Hamza with the non-profit Investor Education Fund says the problem is that many people panic in the face of the deadline and rush into buying specific investments due to incentives, even though they may not be suitable.

One way to ensure you don't find yourself in this situation is to put money into your RRSP throughout the year and take the time to find products that fit your financial goals.

"For people who are investing regularly, they are a heck of a lot more likely to take advantage of all the opportunities that are available in terms of incentives and in terms of tax refunds and all that. They are going to be in a much better place than people who are panicking at the last moment," he said.

"If you invest at the last moment, you'll have forsaken 11 months or so of investment returns by doing it all in the last month that you possibly can."