Well going into this, something that you should keep in mind is that no particular diet or exercise is going to target a specific part of your body for fat loss. The rate at which you lose weight, and where you lose it first, is entirely up to your genetic makeup. For example, exercising your abdominal muscles will add tone and definition to your abs, but it doesn't mean that you'll start burning more fat from that area.
That being said, losing weight is all about burning more calories than you consume. The average person burns about 2,000 calories a day without exercise, and a pound of fat is worth about 3,500 calories. So in order to lose a pound a week, you'd need to have a daily caloric deficit of about 500 calories, which means only eating 1,500 calories (without exercise) daily. With exercise, you could probably bump it up to about 1,700, but if you stick to 1,500 and exercise, you're probably looking at losing around 1.5-2 pounds a week.
But like I said, where you lose it from first is going to be entirely up to your genes.