Read the sticky posts in the nutrition and exercise area and you'll get a lot more information.
My personal plan is this:
Food:
I eat as much real food as possible, avoiding packaged and processed foods and sugar whenever I can. I eat 1600-1700 calories a day, with a 40/35/25 macro split. I have one free day a week where I can eat whatever and not worry about counting calories or managing my macros, but I don't use it as a binge day or a complete free for all. Just a day to have favorite foods like a hamburger and fries or to go to the movies and have popcorn, or to go out and have drinks with friends.
Exercise:
I lift weights 2x-3x a week. I'd like to be consistently doing it 3x a week, but my weeks lately have been crazy and I'm not quite able to make that schedule, but I commit to a minimum of 2x a week. I lift heavy weights and do full body and complex movements. 3x a week I go running with a friend. Sundays I try to take a yoga class at my local gym - I don't make it every Sunday but probably every other one.
That's pretty much it. I'm committed to being healthy first, losing weight second. I hope to get to my goal weight of 130-135, but I'm not freaking out about how fast I get there. As long as I continue to make some kind of progress, I'm happy.