I have used Vaseline jelly as a balm but have not ventured farther into other ways to make my own.

Have you made balms? How is it done?

 I've too have only used beeswax and olive oil.  

I'm having good luck with coconut oil (which is solid at room temperature...at least at the temperature of my  rooms).  I'm going to melt the next jar and put in some nicely scented essential oils.  it's in the aisle with the cooking oils.