How can I have a UIBarButtonItem with both image and text?

I suggest a way how to do this using Storyboard:

1. Drag and drop to ToolBar usual UIView. It automatically will be wrapped to Bar Button Item. Adjust View width in "Size inspector". Change background color of View to clear color.

2. Put UIButton and UILabel inside a View. You can use constraints to adjust their positions. Also you can put thier outside of a View, for example, little higher or less (like on my picture). Put Default and Highlighted images for UIButton.

3. Copy Bar Button Item and adjust another buttons. Add Flexible spaces.

4. Create outlets.

5. Done :). When you run app, you get Tool Bar like this:

P.S. Here you can read how to create UIToolbar subclass using .xib

You can init the UIBarButtonItem with a custom view that has both image and text. Here's a sample that uses a UIButton.

UIImage *chatImage = [UIImage imageNamed:@"08-chat.png"];

UIButton *chatButton = [UIButton buttonWithType:UIButtonTypeCustom];
[chatButton setBackgroundImage:chatImage forState:UIControlStateNormal];
[chatButton setTitle:@"Chat" forState:UIControlStateNormal];
chatButton.frame = (CGRect) {
    .size.width = 100,
    .size.height = 30,
};

UIBarButtonItem *barButton= [[[UIBarButtonItem alloc] initWithCustomView:chatButton] autorelease];
self.toolbar.items = [NSArray arrayWithObject:barButton];