Need advice for our beautiful fur-baby

This is our beautiful 11 year old black siamese, meet Spookie. She is a darling kitty, full of so much love and affection, and has a really awesome cat personality. But right now my husband and i are super worried. A little while back we noticed a lump on her lower belly, did some research and it may be a fatty deposit or it could be something worse. It is not hard but i would say it is somewhat firm, like not maleable. We want to take her to a vet when we have the funds, and in the meantime it does not appear to cause her any pain or discomfort. The problem is, over the last few days she has begun obsessively licking it, to the point it is now raw and even bleeding a little (not major blood, but still). It is breaking my heart. Its all red and nasty now, i am afraid it will infect. Any advice from fellow cat owners? I was thinking of getting a pet ointment and trying to apply that and bandage it, maybe put one of those cones on her so she can't get to it. If anyone has ever experienced something similar with their cat and can offer any suggestions i would greatly appreciate it. This is really tearing me up inside, my husband was recently laid off and we just dont have the few hundred dollars we would need to take her in right now.

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