Understanding household lubricants
I keep two things on hand, which covers 99% of use cases: 


Household (3-in-1) oil
Teflon spray (or silicone)


The former is good for quick squeak fixes where dust accumulation isn't much of a concern. I use it for window blind gears, motor bearings, etc. 

The latter dries to a film and tends to stay cleaner. I use it for window hardware , shelf guides, and hinge pins, for example.

WD-40 is a lubricant1, despite red-faced protests2 referencing the initials in its name3, but it's petroleum-based (or otherwise similar to kerosene--I'm not a chemist), which makes it smelly, thin, and quite a solvent as well. It's great for cleaning (adhesive and grease removal) and large-scale lubrication (plates sliding together), but doesn't last well in heavier duty applications. Using it on a door hinge, for example, will result in dirty stains on the floor and renewed squeaks in a few months. There are better products for pure lubrication.


1. Even water is a lubricant. Neither are ideal as such for household maintenance.
2. See also the motorcycling community and vigorously-defended views on drive chain lubrication.
3. Water Displacement, 40th formula