Let \( c \) be the cost of one guitar pick in dollars. Since the guitar strings cost $1 more than the guitar picks, we can express the cost of one guitar string as:
\[ c + 1 \]
Now, since Patrick bought 25 guitar picks and 25 guitar strings, we can set up the equation for the total cost:
\[ 25c + 25(c + 1) = 40 \]
Simplifying the equation:
\[ 25c + 25c + 25 = 40 \]
Combine like terms:
\[ 50c + 25 = 40 \]
Subtract 25 from both sides:
\[ 50c = 15 \]
Now, divide both sides by 50:
\[ c = \frac{15}{50} = \frac{3}{10} = 0.3 \]
Thus, the cost of one guitar pick is \( 0.3 \) dollars. Now, we can find the cost of one guitar string:
\[ c + 1 = 0.3 + 1 = 1.3 \]
Therefore, the cost of one guitar string is:
\[ \boxed{1.3} \]