You're 5'0 and 88lbs? You're not fat!
You could be anywhere from 103 - 137 lbs and still be considered healthy depending upon your frame/build. If you've got a larger frame, you could put on weight and start to look bulky. But you're not heavy if Im ready your weight correctly.
Here is a calculator for those who are curious about their height and weight:
As for your tummy area, two things need to be done:
First you will have to work the fat off of your belly and then you'll be toning it up using abdominal exercises. Its always a two step process.
For fat burning, you will be doing cardiovascular workouts like brisk walking, running, jogging, spinning, cross training, etc.
For abdominal exercises, you will do crunches of different variations. They are easy and you never need special equipment to do them.
Lie on the floor, back straight, hands clasped behind your head (make sure your elbows are not close to your head...spread them out) and lift your head off the floor as much as you can without moving your back. Your legs should be at a 90 degree angle. This is a crunch. Try doing about 25 of these...3 times.
Another way to work lower abdominals that I love is lying on the floor, back straight, raise your arms over your head and grab a hold of something...leg of a table, the bottom of your bed, anything stable and sturdy enough for you to pull on and bring your legs all the way to your chest. This will be hard to do but worth it. :) Try doing about 12 of these...3 times.
This is a good start...tell me how you feel once you do them.
Some great tips.. im not fat but i have bad body fat proportion.. i already do crunches and running, still dont seem to burn out the fat from those areas. Anything else you could suggest for flat tummy and hips.