Final answer:
The financial concept referred to in the statement is budgeting. Budgeting involves planning and allocating funds to different expenses in order to effectively manage one's finances.
Step-by-step explanation:
The financial concept referred to in the statement is Budgeting. Budgeting involves planning and allocating funds to different expenses, such as monthly payments, in order to effectively manage one's finances. In this case, the student has determined that they can afford to make monthly payments of $750. By creating a budget and sticking to it, they can ensure that they have enough money to cover their expenses and achieve their financial goals.