Why is it Important?

Facebook has billions of users and is easily accessible even in most of the remote areas. Thus, It is way too important to safeguard our profile's privacy on facebook specifically when we are so dependent on it.

Getting Things Done

lets get started. Its of 2 sections :

1. Privacy Tab
2. Public Post Tab

Privacy Tab in your Account

I assume you have logged in to your account.

1. Now head over to privacy tab in your account settings (Or you can directly go to https://www.facebook.com/settings?tab=privacy). When you are in here, Change Settings Related to Email Address (https://www.facebook.com/settings?tab=privacy&section=findemail&view) and Phone Number (https://www.facebook.com/settings?tab=privacy&section=findphone&view) to Friends.
2. Untick/Disallow Search Engine Outside FaceBook (https://www.facebook.com/settings?tab=privacy&section=search&view).
3. Change Who can see your Friends list (https://www.facebook.com/settings?tab=privacy&section=friendlist&view) to Only me.
4. Change Who can see your Future Post (https://www.facebook.com/settings?tab=privacy&section=composer&view) to Friends.
5. Now click on limit past posts. This will limit/change the audience of your past posts which you shared with audience other than your friends to only those people who are either tagged in them or are your friends.
   
   It will look something like this:

Public Post Tab in your Account

Go to https://www.facebook.com/settings?tab=followers in order to change public post settings.

1. Change Who Can Follow Me to friends.
2. Change Public Post Comments (https://www.facebook.com/settings?tab=followers&section=comment&view) to Friends.
3. Change Public Post Notifications to Nobody.
4. Change Public Profile Info to Friends.
   It will look something like this :

Now all the basic stuff is done. Now all you need to do is create custom friends list.