Join Date: Dec 2015
Location: The Very Tip of Lake Michigan
The best solution is obviously humidity control. I run a dehumidifier 24-7 in the spring and summer months (I have a detached shop building, unheated and not air conditioned). The next best thing is clean! Sawdust will draw moisture, so I brush or blow my machine(s) down before closing up shop for the night. I also keep air constantly moving in the shop. I have found that good circulation can make a difference. A simple box fan does wonders.
Hoppes #9 gun oil is a decent chemical option, though it is not cheap either. I, however, got away from that practice simply because of possible residue transfer to the wood when using the tool.
With what I do above, I seem to have little to no rust issue. I may wax once every six months or so, but that's mostly for slick tables, not rust control.
Another $000,000,000.02 worth of advice,