Consider this scenario : You have a lot of Facebook contacts but only want to share status updates / posts with only those who you know. The remaining contacts although still friends need to be limited in access to your Facebook posts.
Here is how to do this : Restricted Lists.
Go to Facebook, click the inverted triangle and choose “Settings”.
From the “Blocking” section, under Manage Blocking, click on Edit List.
Add those friends here whom you need to restrict visibility to when you post status updates.  The contacts added here won’t be notified of this (just like when unfriending anyone on Facebook).
Now, whenever updating status or sharing personal posts, choose “Friends”. This will exclude all those contacts that were added on restricted list and they won’t be able to see these updates. For rest of the updates which need to be shared with everyone, choose “Public”. This will enable all the contacts on restricted list to view them.
This is a useful way to maintain privacy without actually unfriending anyone.
Happy Facebook-ing.