How can I lose inches from my waist without losing too much weight?

Can you answer neelarang’s question about Weight Loss?:

I am 5′6 and weigh approximately 120 lb so I really don’t want to lose weight… I have a small frame & relatively small chest and hip measurements but have a lot of belly fat. I know that you can’t spot reduce. I was planning on doing some sort of cardio at least 3 times a week in addition to strength training… but won’t I lose weight then? I am more interested in losing inches from my waist than losing weight.

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