Lubricate or die
One of the easiest and most important things you can do to keep your bike running smoother, longer is to lubricate frequently. Oil and grease inhibit rust and reduce friction which results in your components living happier fuller lives! These areas require routine lubrication in order for them to do their job most efficiently:
Your chain
For the conditions I regularly ride in, I use Tri-Flow. It works well to penetrate into the links and displaces moisture at the same time. With the bike upside down, rotate the cranks and drip the oil on to the chain at the rear cog[s]. shift gears to really work the lube into the links and then wipe the excess lube off. This should be done after every ride [especially after wet rides] so you're ready to roll the next time you get the urge!

Be careful not to drip any lube on your brake system! [disk brake calipers, rotor, rim or rim brakes]




Your brake & shifter cables
If you use cable actuated rim or disk brakes you should give them some love from time to time. I use Tri-Flow for this application as well. Most bottles of lube come with a convenient straw which fits into the nipple on the bottle and helps to deliver lube to those hard to reach places. Twist the barrel adjusters on your brake levers such that the slots line up. Pull the cable housing out away from the brake lever and let the cable fit through the slots. This will provide you access to the inside of the brake cable housing. Drop a few drops down inside, reinstall the cable in the lever and give it a few squeezes to work the lube inside of the housing.

You can do this to any area on your bike where brake or shifter cables enter cable housings.




Your pedals
When installing new pedals, or replacing pedals, be sure to apply a light coat of polyurea grease to the threads. This will ensure they don't "weld" themselves in place over time and protect the threads inside of your crank arms. Some cranks use a small washer which fits into a recess in the crank arm and is held in place under compression by the pedal spindle. If your cranks have this washer, be sure to use it.

It doesn't hurt to give your clipless pedals a small blast of WD-40 or similar lubricant from time to time. I don't recommend using WD-40 on any other area of your bike. Watch the spray from that WD-40, you don't want it landing on your disk brake or rim brake system!




Your seat post & clamp
Seat posts have a tendency to cement themselves into frames over time. This can easily be avoided with a thin application of grease to the section of seat post which will be clamped inside of the frame. Easy does it; there's nothing more annoying than stopping every 5 minutes because your slippery seat post keeps slipping farther and farther down inside of your frame.

If you have an old saddle that likes to creak, you can loosen the seat clamping hardware and lay a thin layer of grease on the rails. This will keep it quiet. I only recommend doing this if you have a creaking seat. [like me]




Your derailleurs
If you have more than one gear on your bike; you've got at least one derailleur. It's the derailleur's job to move the chain from one cog to another so it's a good component to keep lubed to ensure smooth shifting. Derailleurs are simple linkages but need their pivot points lubricated with a good penetrating oil. I use Tri-Flow here as well.

It's not a bad idea to brush your derailleurs after muddy rides to remove built up mud and grit. This debris will wear away at your derailleurs over time. A toothbrush is a handy tool for this task.