I waxed once, and not only was it painful, but I was paranoid that people could see the stumble on my arms as the hair grew. I know someone who swears by waxing, and she has done it for so long that the hairs are much finer and softer so that when they grow back, they aren't that noticeable.
I use Boots face & body hair lightner. It's really affordable (less than jolene) and you get points too!
It consists of 2 creams that you apply together. You then apply, leave for 10 mins and wash off. Sometimes I leave it on longer by accident and I feel a bit "tingley", but it's alright when I wash it off.
I think that a little goes a long way, and you only need to apply a thin layer. I find that by applying against the growth of the hair (ie. from the hand up to the shoulder), you coat all the hairs. Don't worry if your skin looks slightly bleached afterwards - it is only temporary, and I've been doing it for years.