A better suggestion for replacing the belt on 32-valve engines (or for any engine with the 45 deg mark on the crank pulley).
1) Rotate the engine (ALWAYS in the normal direction of rotation -
"tightening the bolt") to TDC and check the cam sprocket timing marks.
2) If the timing marks are within spec, rotate the engine 1 3/4 turns, stopping exactly on the 45 deg mark.
3) Using white paint, permanently mark the cam sprockets at the timing marks.
4) Loosen the tensioner. Remove the belt and REMOVE AND REBUILD the tensioner. I do NOT recommend ever replacing the timing belt without rebuilding the tensioner. It costs less than $10, and takes less than fifteen minutes, and can well make the difference in whether your new belt lasts five years or not.
5) Install the new belt at the 45 deg mark using the new marks on the cam
sprockets. Approximately tension the belt.
6) Rotate to TDC and check the timing marks. If they are correct, tension the belt properly. Belt tension can be checked or set ONLY at TDC with the cam sprockets on the timing marks.
7) Rotate the crank two times to TDC and recheck the timing marks and the belt tension.
8) After 1800 - 2000 miles, position the crank at TDC and check the timing marks and belt tension.
I copied this from the Volvo news group.
Easy way to get the timing right (assuming the existing belt is on okay):
Remove covers to get access to timing belt
Remove spark plugs to make it easy to turn over engine
While turning engine, slit the old timing belt in half along length (circumference) of belt
Remove the front half of the old belt -- leave the back half to keep the engine timed right
Slide on the new belt
Now with the new belt keeping the engine in time, remove (cut) the back half of the old belt
Slide the new belt completely into position and adjust tensioner.