I use Ren Wax on all my knives, even the cheapies. I also use it on my firearms and ammo magazines. One can of RenWax has lasted me for 4+ years and I still have 1/2 of it left. So I don't think it is expensive, but do I think that Johnson's paste wax or any good quality car wax would work as well.
Wax will stay where you put it and protect metal for a long long time. This has been an old trick for shotgunners to protect blued steel shotguns while out in the hides.