For exercise you can let your parakeet fly around the house. Before doing this you will need to make sure that there are no dangers. Make sure curtains are closed because parakeets, just like other birds will naturally fly for the outdoors and will not see that there is glass blocking their way. Make sure that all ceiling fans are off, and that there are no hot items on the stove. Close the lid on toilets too.
Birds can fall in and drown.
If given these kinds of toys, the bird will bond with them instead of bonding with you. Parakeets need food and fresh water. The best foods for your bird are the ones especially formulated for a parakeet's nutritional need. Make sure the seed is of high quality because some seeds that are intended for parakeets really aren't nutritious enough for them and as a result some parakeets die young from malnutrition. It's important to a parakeet's health to keep them warm and away from drafts.