Alex is planning to save money for a new bicycle. He plans to save $50 each month. Additionally, his grandparents give him an extra $20 on his birthday every year. Alex is currently 12 years old and his birthday is next month. He wants to buy the bicycle when he turns 15, which costs $1000. How much will Alex save by the time he turns 15, and will he have enough to buy the bicycle? If not, how much more will he need? Let's think step by step and output the final answer within \boxed{}.
user