I'm with Charlie all the way on this one. But instead of the cost of the Magnus head, just slot a 38 casing or a field point and epoxy a sharpened piece of banding steel into it.
I bowhunt squirrels at least 50 days a year, sometimes much more. I regularly lose or break 200 to 300 arrows each season. You will lose lots of redfox and gray squirrels with cutting heads like I use, but you will recover many more than you would with anything that is only blunted. Head and neck shots not considered obviously. Any feather that I can get to glue on - not flu flu though. I take any shot I feel like - up, down, upside down - doesn't matter as long as I know my arrow will fall in a safe place. Gut, low front leg and anything in the rear end or back legs will get you fits for recovery generally. You'll lose pretty much all of them with blunts and recover many more with something that cuts. If you can keep the arrow in the squirrel, that's best, but still not guarantee you'll get him. I saw a redfox squirrel drag 3 arrows into a hole once. All 3 were in his backside.
Buy wood shafts in bulk and look for deals. I'm sitting on about 10,000 right now and am always looking for more. Same goes with feathers. I once bought 5 pounds of feathers just for squirrel hunting. That was alot of feathers! I go as cheap as I can. I'm producing the finished squirrel arrow right now for about a quarter each because of the deals I've bought in bulk over the years.
If you just want to shoot one everyone now and then from your stand or off your bird feeder, ignore my advice. If you want to eat 40 or 50 longbow shot squirrels a year however, cut with something and be prepared to run 'em down and get a boot on 'em. They will not give up the ghost readily normally.
Good luck. It's about the funnest thing in the whole wide world, and it starts here in Illinois in about 3 weeks!