To fix squeaking or creaking, use candle wax. Heat up some candle wax with a hair dryer or a heat gun and use a paint brush to spread some wax on the wooden planks of the bed especially the joints or joining areas. Also take the cloth off from underneath the box spring and rub some candle wax on the wood inside of the box spring. This will reduce the squeaking noise by 90% or more.
Let us know if this worked for you in the comments below.