My workshop is a not very well sealed conservatory by the sea so temperature swings, moisture, salt, you name it, I have it causing rust on my tools. I even seem to have skin that can rust tools quickly too!
Renwax is definitely economical and I like using it on restorations to bring back lustre but I haven't found it very good for stopping rust. Wax isn't impermeable as far as I know.
Protectool wax is microcrystalline wax with contact rust inhibitors. Better than renwax but not an all in one solution, especially on blades because I don't want wax contaminating my sharpening stones.
Oil coatings such as mineral oil are out of the question for me, I don't like how sawdust clings to it, and I don't want it on anything I'm handling.
So what I've found actually works is keeping anything that might rust in a box or drawer with protectool wax coating as much as possible, and a vci pot in there too. Anything that can't be stored has a more permanent coating such as boiled linseed oil, lacquer etc.
I wouldn't trust any one solution completely, and if something has started to rust, no solution seems to stop it, you have to start from clean metal.
Vci pots seem expensive but honestly they are great.
I have found a product called vaporol which is an oil with vci component. It can be used similar way to the vci pots using sponge or a piece of cloth to hold the oil. It stinks, though, and will cause green fuzzy stuff to grow on brass so it's for ferrous metals only. But like I said it is a cheaper solution. I don't actually coat anything with it though, and if left in the open it seems to polymerize eventually.