Sounds like power steering belt to me.

I would check the overall condition of the belt, namely cracks in the rubber that meets the pulley. An adjustment is really very easy, there should be two nuts/bolts that need to be loosed.

1) A locking nut that holds the power steering pump tightly to the bracket. I think it is either 12 or 13mm. Loosening this one will allow you to use the adjustment bolt (below).

2) Adjustment bolt is 10mm (I think), it's a very long bolt that gets turned to loosen or tighten the tension on the belt. It sounds like you should tighten yours.

After you are happy with the tension (top surface of belt should be even with the top surface of the pulley) tighten the 12/13mm locking nut. All you have to do is test to make sure the squeel is gone.

Cost to tighten shouldn't be that expensive. If the belts are old then I would have your mechanic change all of them. Three belts plus labor will probably be $100 (I figure one hour of labor).

Good luck,
Bean
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'80 242GT 93k, '94 945T 139k, '89 765T 68k (new '94 B230FT)