It will work! I am 5'2" and 170 and damn proud to be here. I started at 244! My goal is also 130, it doesn't seem far now with how much I have lost. Though, I can't remember the last time I weighed that much - probably Jr. High!
I know you can do it. You don't need money either! Especially because it is summer you can find plenty to do for exercise. I ride my bike every day at lunch for about 25 minutes. I highly recommend planning your food out the day before and using a website like fitday.com, it really helps to understand what you consuming. Good luck!