Yep, it's time to replace the timing belt. Generally cars have like 7 year/70K miles change interval. I don't know for sure what your interval is, but I'd bet it's similar.
The timing belt controls the valves in your engine, among other things. If the belt breaks, the engine will not run. Even worse, certain types of engine (interference) will experience major internal damage should the timing belt break suddenly. Other than age/mileage, there is no warning the belt is about to break, and it will most likely go when you least expect it.
If it were me, I'd get at least the belt and water pump replaced ASAP. Right now you're on borrowed time given the age/mileage, and it doesn't sound like you're in a position to buy a new engine, let alone a new car.