Solution: Let Xiao Ming have X yuan and Xiao Hong have Y yuan, and establish equations according to the meaning of the question:

( 1- 1/4)*[ 1/2 * x+ 1/3 *(y+ 1/2 * x)]= 675( 1)

1/4 *[ 1/2 * x+ 1/3 *(y+ 1/2 * x)+( 1- 1/3)*(y+ 1/2 * x)= 1325(2)

From ( 1): 2x+y=2700 (3)

From (2): 2x+3y=5300 (4)

(4)-(3):

y= 1300 (5)

Replace (3) with (5):

x=700

A: At first, Xiaoming 700 yuan, Xiaohong 1.300 yuan.