Open quantum systems can display periodic dynamics at the classical level either due to external periodic modulations or to self-pulsing phenomena typically following a Hopf bifurcation. In both cases, the quantum fluctuations around classical solutions do not reach a quantum-statistical stationary state, which prevents adopting the simple and reliable methods used for stationary quantum systems. Here we put forward a general and efficient method to compute two-time correlations and corresponding spectral densities of time-periodic open quantum systems within the usual linearized (Gaussian) approximation for their dynamics. Using Floquet theory, we show how the quantum Langevin equations for the fluctuations can be efficiently integrated by partitioning the time domain into one-period duration intervals, and relating the properties of each period to the first one. Spectral densities, like squeezing spectra, are computed similarly, now in a two-dimensional temporal domain that is treated as a chessboard with one-period x one-period cells. This technique avoids cumulative numerical errors as well as efficiently saving computational time. As an illustration of the method, we analyze the quantum fluctuations of a damped parametrically driven oscillator (degenerate parametric oscillator) below threshold and far away from rotating-wave approximation conditions, which is a relevant scenario for modern low-frequency quantum oscillators. Our method reveals that the squeezing properties of such devices are quite robust against the amplitude of the modulation or the low quality of the oscillator, although optimal squeezing can appear for parameters that are far from the ones predicted within the rotating-wave approximation.