Now that you have the new Timeline (you cant go back to the old format anymore), it's time to start learning how to use it. It has many features that make your privacy very simple to individually adjust, depending on what you want to share with whom.
• The very first thing you will want to do it make sure you dont have any public status updates for strangers to see. This is very easily done with the "Limit the Audience for Past Posts" option found on the Privacy Settings page. This lets you change all of the status updates (that are currently set to public) to "friends only" - yet it will not have any affect on updates that are already limited some other way.