Losing fat and toning

I actually do something similar but only because I enjoy gorging myself on high-calorie food so essentially I'm just saving calories from the day before to eat pancakes.

You should set yourself a daily goal for calories either based on the MFP calculations or other sites and stick to it. think of calories over a period of a week not days. If you set yourself a goal each day and stay under it, you'll come out fine for the week. If you go over a day or two, then under a day or two it'll equal out. I use IIFYM.com to calculate my macros, it's really helped to burn fat. It will even figure in exercise calories and still put you at the correct deficit.

For the longest time I used IIFYM and set it at no exercise daily with a 15% deficit. Then I ate back up to 30% of my exercise calories (exercise calories are never super accurate so never try to eat them all back) which means that some of those exercise calories added to my deficit that was already calculated in. This did well for a long time until I got close to my goal weight. Then I stalled out. So I went back, used the IIFYM calculator again, adding in my exercise (60 minutes a day, 6 days a week), and set myself at a 15% deficit. Weight started to come off again, and so has the fat. Here's the catch. As soon as I used that calculator to figure in exercise I turned off MFP's exercise adjustments so I stay at the same calorie limit each day no matter how much exercise I do. I just need to make sure I average what I put in the calculator (6 days a week 60 minutes a day). If you ping pong your calories all the time it can work for a while, but eventually your body will fight you or you'll be burning muscle on days you do cardio then fighting a losing battle to gain muscle on days you lift. Just my opinion.