Mix together all the ingredients and apply to lips and leave it there all night. Use every night for a week.
Lip balms are usually more complicated than this and this mix seems to be more of a scrub type of recipe but with Vaseline in it, I can see how it could work as a balm.
This combination of ingredients sounds really good to me. Each of these can be used separately in different lip balm recipes. Honey and sugar are good exfoliators and Vaseline, of course, moisturizes the lips. I would personally leave this mix on for a few minutes and then wash it off; but, if leaving it on overnight works for you, that's great.