RE: how often should you use bow string wax?
If you've ever had a string break on your compound and you are not torn up or handicapped for life then you are a lucky lucky person.
Wax lightly after every session. Work the wax into the string by rubbing with finger and thumb. Wax all exposed string (non served).
Change strings (and cables) when you notice wear regardless of how slight you might think the wear is.
A string that breaks while you are at full draw or in the process of drawing will definitely affect you for life.