This yellow spot is called a pingueculum. From time to time, these pinguecula
can become inflamed. It sounds like this is what is happening to you. Unfortunately, this will likely require some topical steroids to resolve. However, while you're waiting to see the eye doctor, you can start to use some artificial tears 4-5x/day and you can also use some lubricating ophthalmic ointment once-twice a day to help soothe the eyes as well as cool compresses as much as you'd like.
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My opinion is solely informative and does not constitute a formal medical opinion or recommendation. For a formal medical opinion and/or recommendation you must see an eye doctor.