I started weight training and just general fitness training in january. Im 18. It was the first time i have gone to a gym, but i had a good guy helping me around, hes been my gym partner ever since. The problem is, he only realy knows weight gain as thats all he needs (Plays O-line for scotland).
Personaly i dont want a total weight gain. I am a bit of a podgy bugger at the moment (36in waist) 230lbs. At the moment i am doing a 4 day a week work out with mondays & thursdays chest, arms and shoulders. Tuesdays & fridays are back and legs. wednesdays i play soccer and weekend's i have church things to do. So the days cant realy change.
At the moment my lifts are a bit lower than what i was hoping, 3x 10 reps are 55kg flat 45kg incline and 60kg decline.
Resting times are about 2-4 mins a set.
My diet has not changed realy and i had not gained or lost weight before i started in the gym for a year.
As well as weights & resistance i do about 30 mins of cardio each time im at the gym, rowing / crosstrainer. by the end of it i am exhausted, usualy spending 2 1/2 hours in the gym.

My aims are realy by the time i have finished University in 2 1/2 years to be about 14-15stone and be lifting about 110flat and basicaly have some definition on my chest legs and arms.

Im looking for some advice. Firstly am i doing this right, secondly on supliments that may speed the process up. Having about £80 ($130) that i am willing to spend per month.
Any help would be appreciated.

2 things
 
Training time and diet.
 
You can cut those rests down quite a bit..and your total lifting time should not exceed an hour (not counting warm up and cool down..or cardio)  After 45 minutes you are producing stress hormones that are not productive for you goal of leaning up!
 
Diet, you need to be eating enough!  You areso much energy that your body is starved and so it is hoarding fat!
 
Start with this..then ask any questions back here...
For Losing Fat
http://www.discussbodybuilding.com/For_Losing_Fat/m_111175/tm.htm

Ill see what the creatin im starting 2morrow helps. Diet wise ive looked at said post and decided on somthing like this

Meal 1- poached egg and some fruit, orange or banana
Meal 2- egg or nuts
meal 3- Salad + tuna/turkey
meal 4- Fruit + protein (pre and post workout)
meal 5- Basic balanced dinner. (again fish or somthing simmilar)

I already drink copious ammounts of water so hydration is never realy an issue.
That diet seemed to work wonders with my brother who's lost about 40lbs in 5 months, although he doesnt work out as much as me. Any alterations you could suggest?

No fruits. 
For you, you only drink a juice during the workout or a piece of fruit just before starting.  After trianing you get a meal with grains, lean protein and veggies.
 
Whole grains for carbs...Oatmeal, rice, sweet potato, quinoa..etc
Veggies with every meal.
 
You should be getting around 180 grams of protein a day.  Plus 360 grams of clean carbs.  and only around 60-70 grams of fat.
 
Later you can tweak that to keep fat going..but right now lose it with exercise!
 
BCAA before and after your cardio!  Read the part about varying the cardio in that post!

Thanks for the help, ill tell you how its going in 10 days.