The truth is, I don't always handle it very well. But I'm always trying to get better. One of the principles I use to guide me is the idea of flow.
Eliminate - if it's not doing you any good, you can get rid of it. Chances are, you won't miss it at all, you just think you will. Give it a try, you might pleasantly surprise yourself.
Segregate - organize everything else so that you can read/watch it easily. Make it work for you. A little effort up front can make a big difference daily. And that's worth it.
Iterate - most things in life change, whether you like it or not. Be ready to reconsider your social media habits when you feel creepy things trying to get you. Don't settle for the status quo that Mark Zuckerburg has for you.
Do you have your own tricks for managing your social media? Tell me, I'd love to hear about them.