This was made here recently by the young woman living with us at the moment; it turned out really well, and I have a small pot of it sitting next to my computer that I use regularly. The texture is smooth, and it’s long-lasting. You may never want to buy lip balm again!
(illustration from wwwfoodrenegade.com)
Homemade Lip Balm
1 oz. Beeswax
5 oz. Almond oil (or coconut, or olive oil)
1 Tbs. Honey
4 drops essential oil or extract (choose your favourite flavour)
Melt the beeswax in a pan over boiling water; remove from heat. Stir in the other ingredients, pour into storage containers and allow to cool.
[The cosmetic-grade beeswax “droplets” (I wouldn’t recommend using an old beeswax candle you’ve had standing around…) can either be found in a health food store or a pharmacy, as can the cosmetic-grade almond oil and essential oil. For storage containers, I used small travel containers that originally had face cream in them; I keep such things for just such occasions. Otherwise, look for small containers at your local shop, or improvise – be creative!]
CuppaNatter 
I love lip balm but have never tried making it myself before!
This is very simple; once you find the ingredients and make it yourself let me know how you like it!
I just use a bit of clarified butter (ghee), something that is found in many Indian homes. 🙂
That’s also a good one! Pure coconut oil might also work. Vaseline has been the lip gloss of generations in many western countries; on my History Undusted blog I give a brief history of its discovery (http://historyundusted.wordpress.com/2013/11/23/accidental-discoveries-in-history-household-products/).
Will look it up…. Thank you