Wrist and ankle weights aren't going to do it. Planks and pushups and the like will help, but eventually you need heavy weights to change the fat to muscle. You can lose lose lose and all you do is just shrink. You have to build muscle to change the body composition. I know this from personal experience. The lifting has not made me any smaller--diet did that. But it has turned the fat into muscle so I feel better about my body.
Female, 5'3", 49, Starting weight: 163lbs. Current weight: 135 (more or less).
Starting squat: 45lbs. Highest squat: 167.5 x 2. Current Deadlift: 190 x 3