Hello & welcome, I am Dr. B, a licensed veterinarian and I would like to help you today. I do apologize that your question was not answered before. Different experts come online at various times; I just came online, read about your wee one’s situation, and wanted to help.
Based on Kyky's signs, this isn't likely to be a blood filled bump and not likely to be fatal for him. Instead, it is more likely to be an abscess filled with pus. In this case, you do not want to just open this at home. Doing so, will cause pus to discharge but it will just heal, refill, and this will keep causing him problems.
Instead, the best option would be to have him seen by a local vet for antibiotics. If the lump is very large, the vet can drain it sterily to remove the pus to aid healing (and prevent that recurrence we'd see if opened at home).
Finally, since you noted that funds are a concern, there is help out there. If you have a VCA or Banfield veterinary hospital near you, then you might consider taking advantage of their free first consult offers. You can find vouchers for this via: VCA:(http://www.vcahospitals.com/main/offer) and Banfield: (http://www.banfield.com/landing-pages/coupon). Otherwise, you could consider checking out the Humane Society's database (http://www.humanesociety.org/animals/resources/tips/trouble_affording_pet.html)or ASPCA’s (https://www.aspca.org/about-us/faq/financial-help-my-vet-bills). Both have a lot of branches nationwide, along with ties to other assistance organizations, that can keep down costs and surely will be willing to help you get this settled for Kyky.
Please take care,