It's cheap if you already have all the products, if not, it's a little more expensive. (It's actually Drifloon, I spelt the title wrong :D)
First, grab your purple clay and make a ball of it. This is the head/body. Make a little squiggly thing to attach to the bottom of the head/body (to make it look more like a balloon).
Then, move that to the side (wash your hands) and make two small, flat hearts from yellow clay.
(If you don't know how, use this tutorial: http://goddessoftheworld.blogspot.com.au/2011/06/how-to-make-polymer-clay-heart-without.html)
These are the feet. :D
You also need to make a small 'X' shape for the mouth.
Wash your hands thoroughly before touching your white clay. Colour transfers super easily. >.<
Anyway, make lots of tiny little balls of white clay and one small hook/claw type shape.
Join the white balls of clay to the top of the head/body in the shape of a cloud. Put the horn on the edge and cover it in little balls.
Join the yellow X to drifloon's face to make the mouth.
Also use black clay for his two small eyes.
Put one eyepin in the top of his head (which is where the phone strap will go).
Also put two eyepins on either side of the bottom of his body. That probably doesn't make sense, so just put the where the picture says (;
For the feet, just put eye pins in them at the BOTTOM of the hearts.
Now bake :D
When it's done baking, Glaze it if you want.
Cut up the chain with wire cutters and connect them to the bottom of the body. Connect the other end to the feet.
Now add the phone strap and you're done :D