Last summer I found some 3 in 1 oil in my mother-in-law's garage not being used. I put it to use on our tools. First I scrubbed everything down with steel wool, then oiled the hinges and worked it in to make sure everything opens and closes easily. I cleaned off all the grime and lastly left a thin cover of oil over all the exposed metal parts.
A little bit of elbow grease went a long way to restoring these tools and preserving them for my future. I think a strong collection of tools can not only be useful in life but also an important gift to my kids.
I can live easily without tools, I did for years. I didn't notice what needed fixing or if I did just didn't fix it. Having the tools means I now put them to work. As soon as I begin fixing I get into the habit of it and start fixing everything I can. I carry a Leather person on me at work now and I suffer when I leave it at home.