- If you buy a small can of "3 in 1" oil at the hardware store it will serve many purposes and last several years, most likely. Use it on the hinged part of the paper punch, not the cutting edge.
Then use it on your paper cutter if you have the old style cutter, using it on moving parts, excluding the blade. Etc.
I think the WD 40 is convenient but is not as long lasting as the 3 in 1.
I hope that helps. I'm going to try the foil and wax paper tips also!