Its sad that mac doesn’t provide possibility to manage menu icons with out help of third party softwares. There are some free one’s but with very restricted functionality. The one i have tested is a commercial one but free for 4 weeks.

Commercial

1. Bartender

https://www.macbartender.com

However there are some Free one’s too. But I didn’t find them as useful as Bartender (No wonder)

1. Vanilla

http://matthewpalmer.net/vanilla/

2. Broomstick

http://www.zibity.com/goodies.html