Locate your master friends list
Create lists to group people into. Facebook has a couple of defaults you can use such as close friends, local friends, and acquaintances. I have added to that a good bit to include a group for church people, geeky people, only women, and a few other categories that have been useful.
Now click the spot where is says "See all friends" and use the drop down box to put each friend into the boxes you want them in. This doesn't take as long as it might sound. I probably did all of mine in less than a half hour.
When you post, there is a box asking you which group of friends you want to post to. This probably takes the most getting use to. Normally, mine stays on "close friends" and only about 25 people see it. When I do switch to a different group, I have to remember to change it back for the next post. Another thing that is handy about this is there is a tiny icon that goes with the categories. Public is a globe, close friends is a star, local is a map point, and various other things. When you start to notice those, you can tell what settings other friends have used for their posts. I avoid posting on public posts, which is funny, because when I post about this I will probably make it public.
This is how you filter what you see from others. There are 3 little dots in the corer of every post. Click there for a drop down box. There is an option there to unfollow without unfriending. This means you don't see what they post, but you haven't unfriended them either. This comes in handy for those relatives that are still posting 3 year old memes, "only 10% of people will repost...", and outrage over satirical articles. There is also an option to just see less of the specific type of post. So, if you have a person posting game updates all the time, you can hide the game entirely. I haven't seen a Facebook game notice in at least a year. It is lovely.
There it is, 5 simple steps to a happier facebook feed. I know it takes a little time, but it is well worth it.One little bonus tip, you can actually select to only see the feeds from a specific group of friends. All you do is go back to the friend list page from step 2 and click on the list you want to see. It will automatically filter your feed.