I have a small bump on the left side of my tongue that I noticed about two or three days ago. I also have a cold sore on my lip I was wondering if the two could be related? I suffer from health anxiety so this is making me think I have oral cancer

Don't jump to cancer. You are right to think about your health anxiety - and you'd be right to get that under control. There are psychotherapists who specialize in this type of anxiety - it's fairly common. But the probable connection is a virus (herpes) or something like that and you can ask your Dr or a pharmacist for symptom relief. Canker sores should go soon, so if it lasts - see your Dr. Best!
Unlikely, but. Unlikely, but - See oral surgeon or ENT doc if you have any of these symptoms: Persistent mouth sore, persistent mouth pain, a lump or thickening in the cheek, a white/red patch on the gums, tongue, tonsil, or lining of the mouth, a sore throat, hoarseness or feeling that something is caught in the throat that does not go away, difficulty swallowing/chewing.