No - the timing belt will not squeal. It will simply break. The engine will very suddenly die. This event will also immediately wreck your engine (it has one of those "interference" designs). If you can't get the $$ for a timing belt, how will you afford the engine or new car? You might want to figure that out. FYI: a lot of the cost of the belt is labor, but a lot of the cost is in other stuff that gets done (e.g. water pump) just b/c its the same labor. Most towns have a "just get me by" kind of shop. A long time ago with an old beater car while I was in grad school I had such a shop do the belt only skipping all of the extras. I can't recall how much it was, but it was a heck of a lot less than the normal, full job.
Anyway...the squeal is probably your serpentine/accessory belt. Most anyone should be able to change that for not much $$ in only a little bit of time.