Hi there and thanks so much for posting this question! Yes I can hear your frustration as you know it is a combination between healthy nutrition and physical exercise the most effective approach. Now lets talk first about exercise: Are you exercising too hard? You have to remember that when you exercise too hard you may be burning muscle and not fat so although you are burning calories you may replenish them after staying with high levels of fat.
You have to focus on strength training and functional training that will trigger muslce activation in those sensitive areas such as the belly where you actually have 35 muscles involving abdominals, external obliques or lower back
Here you can follow some of my individualized plan:
My practical recommendation and strategy for physical exercise is:
1.-calculate your heart rate and make sure you are not training too hard
Calculate your heart rate: ( you need to be exercising mostly in the aerobic range for most efficient fat burning)
Steps to (Karvonen Formula) My Target Heart Rate
*Subtract your age from 220. 220 – 34 = 186
*Check your resting heart rate. 46 (yes, my heart rate is that low!)
*Subtract that from the figure in Step 1. 186 - 46 = 140
*Multiply that number x 65 percent for 140 x .65 = 91 for the low end
your low range and x 85 percent for your 140 x .85 = 119 for the high end
*Add the resulting figures to your resting 91 + 46 = 137
heart rate. That will give you the low end 119 + 46 = 165
and the high end of your Target Heart Rate. My target heart rate = 137-165.
Second: Add strength training: Adding strength training movements will help your muscles be not only strong an flexible but also get rid of the fat in different parts of your body as long as you are training in a really good rate of intensity. I wrote a whole book about it and you can google in medhelp some of my movements here
Third: Add mild cardiovascular and making sure your train mostly aerobically
Last not less important is nutrition: you need to increase number one the caloires consumed, cause at the end of the day is a practical formula where you need to burn more calories that ingest.
Try to increace your protein consumption and reduce the carbohydrate since when we have carbohydrate in our body and we do not use them they will get sotred as fats based on our evolutionary biology.
You will experience little by little a huge imporvement in body composition if you follow this suggestions
According to your height of 5' 4" your ideal healthy weight is 130 pounds (58 kg)
This was calculated using Hamwi formula, a simple formula commonly used by many clinicians.
You can learn more about BMI and see what it is for your current weight by checking out our Body Mass calculator.
I will be launching my online personal training site soon and if you want me to help you on a daily basis let me know