I would get her to the ophthalmologist or vet asap. Could be an ulcer, could be a cataract, could be glaucoma. All of these conditions are very painful, and all can quickly contribute to loss of vision or complete loss of the eye. The red spot could be a vessel that has grown to the corneal layer. The eye does this to try to aid healing, but it can also feed formation of scar tissue.
I understand money is a concern, however, this is a problem that will only grow more expensive if not dealt with quickly.
If it is a simple ulcer, it could become infected quickly. The eye meds that she currently receives could make it worse, so it is very important to see the doc soon. In all eye conditions, the sooner it is treated, the better the prognosis.
Keep us posted.
__________________ Kristin, Max and Teddy |