SimuLord said:
Fact #1: There's no such thing as "spot reducing" (that is to say, losing only belly fat). Your body stores fat a certain way
The one exception to this rule is visceral fat (fat around your intestines). If you consume a lot of carbs that keep your insulin skyrocketing, your liver works hard to convert them into triglycerides, which it then dumps around the intestines via the vena porta. This is what "beer gut" is all about: high carbohydrate load (especially fructose) leads to a big belly. This will lead to insulin resistance, and eventually hyperinsulinemia, metabolic syndrome and type II diabetes.
The most efficient way to improve body composition and burn fat is to switch to a paleo / ketogenic diet (daily calories come 70% from fat, 20% from protein and 10% or less from carbohydrates). This keeps your insulin levels under control (naturally low) and your body gets more adapted to burning fat as the primary source of energy. You will feel less hungry, and eat less without consciously having to limit your eating.
The only problem is that it takes quite a bit of effort and knowledge to do the diet right. You have to know what to get rid of in your diet, and what to replace it with. Also, you'll have to do a lot of cooking on your own.
A good (albeit thick) book to start with: Gary Taubes: Good calories, bad calories.
P.S. Excercise is an extremely poor way to lose weight in terms of calories - it will only make you more hungry. The objective of exercise should not be to just burn calories. The goal should be to increase your cardiovascular fitness level and improve your muscle tone. These will both lead to better body composition. You may start to notice that 'weight loss' alone is a pretty pointless goal.