Hmm... how dressy does a dress belt have to be? I got a webbing belt in a nice, understated black (both canvas and buckle) that I, personally, would feel comfortable wearing to most formal occasions, but I don't know about you.
As for shoes, I'm not sure. Would you be able to pass as formal with a pair of black espadrilles?
I know you say you're too cheap to buy a new belt, but I'm wondering if you might have a store near you that sells adjustable cloth belts.
I live near a store (GenX) and they sell those types of belt. 1 dollar for the belt itself, and 3 dollars for the buckle. like this
just a thought. other than that, probably just punching a new hole. My dad has had to do that, he usually used a leather grommet punch.
Military-style belt. They are cheap and you can set them to whatever makes you comfortable. I will never pay for an expensive belt again. Best $5 I have spent [ebay is cheaper].
https://www.amazon.com/Canvas-Military-Style-Buckle-Colors/dp/B00FC1ZCM8?th=1