1996 850 220K-Keep or Sell?

Thanks in advance for any wisdom you can pass my way:

My mother purchased a new car and gave me her 1996 Volvo 850 wagon with 220,729 miles. She has completed all suggested maintenance on the car, a summary of which I have included below. She seems to have spent quite a bit in repair costs on the car, and it appears to be due for a new timing belt soon.I live in New England (snow), currently have a limited income and two children, ages two and six months. Here is my dilemma: Do I keep the Volvo, since in theory since she has repaired so much it is potentially in good shape, is a relatively safe car for such an old one, and it is a known entity, or, try to purchase a 1996-98 Toyota with the money from selling this car with mileage closer to 130,000 which might last longer with much lower repair costs. I realize that this is a Volvo forum, and I love Volvo's (my first car was a 240 station wagon) however, right now my priority has to be on a reliable car with the lowest repair costs. Thoughts?

2012:
-Oil change
-A/C re-charge
-Tire rotation
-New serpentine belt
-New coolant resevoir
-Flushed transmission fluid
-Replaced upper right strut mount
-Replaced coolant resevoir
-Replaced clamp on lower radiator hose

2011:
-Replaced rear muffler assembly
-Tailgate panel replaced
-Replaced trigger wire from starter, rust on rotors
-Replaced mass air flow sensor
-Replaced cap, rotor, wires with plugs
-New timing belt, idler pulley tensioner
-Replaced odometer

2010:
-4 new Hankook tires and alignemtn 157,899 miles
-New fuel cap riveted
-Replaced front sway bar links

2009:
-New radiator

2008:
-New battery

2007:
-Rear brake rotors and pads

2006:
-Replaced thermostat
-Replaced timing belt

2004:
-Transmission flued
-Front brake pads/rotors

2003:
-New battery
-100k service
-110k service
-Air pump replaced
-Splash guard replaced
-Coolant temp sensor replaced

Serviced at:
45,000 miles
50,000 miles
70,000 miles
60,000 miles
65,000 miles
75,000 miles
100,000 miles
110,000 miles