While you’re still in settings, you can visit the advertising section. This is where you can peek behind the curtain to see how Facebook monetizes you. While you can’t stop seeing ads altogether (unless you use an adblocker), you can make sure these ads are personalized to you.
You can remove interests Facebook thinks you like, see the advertisers you’ve interacted with, control the information about you that ads use, control whether you see interest-based ads, whether you see Facebook ads outside of Facebook, and whether you want people to see your social actions paired with ads.
If you’re a minor using Facebook, then location sharing is turned off by default. For adults, it’s a different matter. It helps if you remove location information from your profile, such as places you’ve lived, places you’ve checked in at, etc.
When you make a post, look for a location or GPS-like symbol. If Facebook has automatically filled in your location, you can remove it by clicking the X next to the symbol. There is no location section in Facebook privacy settings, so you have to manage it post-by-post.