Since I'm apparently teaching people about the Scripts folder for the first time, I'll add a few more details. The system isn't magic and you shouldn't be afraid to touch it in the future.
The menu bar mirrors the contents of your Library/Scripts/ folder. If you had lots of Applescripts for different functionality (as I do), you could arrange them in subfolders, and they'll be arranged in the menu bar as well:
(Yes, I'm running Mavericks, so the visuals are a bit different.)
The one exception is the "Applications" subfolder, which is special! I have some scripts that are specific to QuickTime Player. So, I created a folder in Library/Scripts/Applications/ called "QuickTime Player", and put QuickTime-specific scripts there.
And these scripts will only show up in the menu bar if QuickTime is in focus:
It's really a great system! I only wish Applescript hadn't been neutered somewhat in Mojave. (This is, in fact, one of the reasons I'm on Mavericks.)