Working with what you possibly already have, you could get by better with a sharp drill bit. Not the best option but possible.

Otherwise, since all you are using it for is to resize a few belts. I'd hit walmart and get the rotary punch from the craft aisle. should be between $8 and $12 I think.
http://tlf.live.acumium.com/home/dep...ure=Product_20

Best option is the maxi-punch set from tandy
http://tlf.live.acumium.com/home/dep...ure=Product_14