I need to lose a lot of weight. I used to be in great shape when I lifted weights and did cardio 3-4 times per week and I plan on getting back to that weight which is around 150 lbs.

I calculated my BMR and the number is 1681 (195 lbs, Female, 30 years of age). I saw a post on training.fitness.com that indicates I should multiply my BMR by 1.6 if I am moderately active to determine my daily maintenance calories.

My daily maintenance calories comes out to be 2690.
Since I am eating 1500 per day I have a daily calorie deficit 1190 per day (2690 - 1500) = 1190. Also I am eating 1500 calories 6 days per week. 1190 times 6 is 7140 so I should lose about 2 lbs per week.

The 7th day is a problem for me. Previously I have been using the whole day as a "cheat day" not one cheat meal. I manage to consume so many thousands of calories on my cheat day and they are not quality calories either. So starting now my cheat day will be a cheat meal and it will be on Fri. afternoon or evening.

thats good you realized your cheat day needed to be taken out of that equation and made into a cheat meal only. It may be tough to only limit yourself to one cheat meal but dont think of it as something you're giving up. i always have the mind set that it's something im gaining by reaching my own fitness goals and and that motivates me to keep on track. But yea, get back to the weights and cardio with the combination of subtracting that cheat day, and you'll be good to go.

MaximizeYourPhysiology.blogspot.com

I follow the 80/20 rule. 80% clean/20% crap. This cold be each day or the week as a whole. I eat very good all the time but don't let a trip to McDonald's bother me if it is just once in a weeks plan. Or I often grab dessert at dnner if the day has been perfect.About 10 years ago I lost 40 pounds, 220 down to 180, by following the Homegrown Muscle Series (Found at Mne's Health) , doing 20 minutes cardio a day, drinking only water and completely cutting out sweets for a good bit. I gradually changed how I ate and by the time the exercise helped me reduce my weight I had my eating habits in order to maintain it, which I have.

Did you calculate that BMR based on your current weight or goal weight? Use your goal weight. 2700 kcals seems high to me.