Nina has exactly enough money to purchase 6 widgets. If the cost of each widget were reduced by $1.25, then Nina would have exactly enough money to purchase 8 widgets. How much money does Nina have?

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x - the amount of money Nina has
y - the cost of one widget

Nina has exactly enough money to purchase 6 widgets.
[tex]x=6y[/tex]

If the cost of each widget was reduced by $1.25 (so the cost of one widget would be y-1.25), Nina would have exactly enough money to purchase 8 widgets.
[tex]x=8(y-1.25)[/tex]

Substitute 6y for x in the second equation:
[tex]6y=8(y-1.25) \\ 6y=8y-10 \\ 6y-8y=-10 \\ -2y=-10 \\ y=\frac{-10}{-2} \\ y=5 \\ \\ x=6y=6 \times 5=30[/tex]

Nina has $30.