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You should have your water pump replaced too. The reason is that you will save a lot of labor by doing it together with the timing belt, as they are connected together.
If your timing belt needs to be replaced, it means that your water pump does not have much life left either. Let me give you an example (all numbers are just some assumption): You pay now $60 for a water pump, and $20 for a little bit additional work for installation. Or if you don't do it now, it will need to be replaced in one year, at that time you will pay $60 for the water pump, plus $100 for labor (because they will take your timing belt off again).
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