How do I set a limit to the iCloud Photo Library?

I have lots and lots of photos on my mac dating back to 2005. This makes for many, many gigabytes - way too many for my 16 gig iPhone 5. Even if the optimize for iPhone setting is turned on, the 8.000 or so photos and videos make up too much space.

Is there a setting to make iCloud Photo Library only upload some of the pictures? If I could set the limit to only upload pictures from 2012 and onwards, if you understand.

Surely this must be a problem for someone else as well. I appreciate any help!