My iphone 4 won't send or receive texts and no Wi-Fi?

Okay so as of yesterday my iphone won't send or receive texts…
and their is NO Wi-Fi wherever i go even if i type in the CORRECT Wi-Fi password it still won't work
i already tried rebooting it and stuff, if i restore it will these problems go away?

Yes, I believe it is an internal error, or you have done something via settings for it to block signals, perhaps airplane mode [or whatever the iPhone consists of]? Anywho I'd advise you to restore your iPhone so gradually the problem will vanish if not so that, you can always reboot your phone and with that things should be running smoothly.

Before rebooting it make sure you have everything backed up, just in case you want all of your previous stuff to be memorized via USB.

Buy a better phone like Android.