I would still recommend adding another 220V, even if you’re not able to add that newer, larger air compressor yet.
The only reason why I only have a single 220V outlet is because I wired it myself. I never intended to get into CNC plasma as it just sort of happened by accident. I did however wire that 110V on its own dedicated circuit which I had planned to hook up to a bandsaw or other large current device.
I do wish I did but really it hasn’t bothered me much now.
It is no fix but you could add another tank or two after the compressor. This will give you an initial volume that will sustain a longer cut while you are waiting for the pressure to recovery, the compressor will need to run for a considerable longer time. You can program pauses in your gcode to give the compressor the time it needs.
Where there is a will, there is a way. But when money is tight, you do what you need to do. Understood. Good luck.