when ever i down shift from 5th to 3rd, there's always a squeaky noise coming from my timing belts. i think, is this a horrible thing? it sounds like the pulleys aren't gripping on to the timing belt.... any suggestions???

 

It's not your timing belt. If it was you wouldn't be driving anymore. It's most likely the belts that drive the AC/alt or the PS belt. Check the tension on them. If they are loose tighten them. If they aren't replace them. If you don't have time yet you can ghetto style it by using belt dressing.