There are several good blog posts about faced binding, but I use a combination of methods and have a hard time finding the ones I like. Here's how I do it...
For reference, I have used a combination of these methods: One is HERE - This one is another one: Click Here
First, square up your quilt: Using a square ruler with a 6" x 24" ruler works great for this small quilt.
Cut side binding strips 2" wide x Height of quilt minus 2"
Cut top and bottom binding strips 2" wide x Width of quilt plus 2"
Pre-fold and iron 1/4" on one side of the length of the binding strips. (I like to use an index card to get a perfectly straight edge, but you can eye-ball it.)
Center the binding strips on the sides, and with right sides together, use 1/4 " seam allowance to sew the non-folded side of the binding strips to the sides of the quilt:
Sew the top and bottom binding strips on in the same manner.
Press the binding strip away from the quilt on all sides.
Edge stitch the binding to the seam allowance appx. 1/8" from the seam on all sides.
Roll the binding strips to the back of the quilt and press.
Hand stitch the folded edge to the back of the quilt - stitch the sides first, then top and bottom.
On the top and bottom, fold the ends at a bit of an angle - trim excess fabric, if necessary. (I usually trim to about 1/2")
Roll the seam allowance and binding to the back and press.
Pin in place and hand stitch to the back of the quilt.
Here it is...nice and straight with neat, square corners!