I've tried pricier lip balms, but for keeping lips soft and preventing chapping, I've not found anything better than Rosebud Salve. You can also use on your cuticles in a pinch. $6 at Sephora.
For elbows, heels, seriously dry or chapped skin, try Aquaphor. It's like a superconcentrated Vaseline but without the smell. I never travel to arid or wintery locations without this. $5.09 at Drugstore.com. (Also good for diaper rash, chafing.)