Go to the Tip, buy crappy bike for $15, spend $50 on it buying puncture proof tubes, lock it up with the lock you have, the thief wont even look at it and steal someone else's bike, and even if they do steal it its only $65, a decent bike lock would cost way more.
I remember buying my son his first bike at 10, went out and bought him a $700 bike, it was gone within a week, I discussed with him that maybe a cheaper bike and a Xbox would be better and he agreed, he is 25 now and I threw the $20 Tip bike out for verge collection a few months ago after many years of him riding it everywhere, he still has the Xbox