Will this be ok??? will it compensate?

i am trying to loose weight....but its tough to do so in the festive season for obvious reasons....i restrained myself a lot during christmas....but there is this big new year party and its not possible for me to be completely saint like as far as my diet is concerned....now the thing is that if i do eat quite a lot of 'bad' food tonight and then have very light and healthy food for the next 2-3 days, will it kinda compensate??....coz i keep reading things abt how if you consume less or burn abt 3500 calories per week u will loose around 1 pound...so i am guessing that its not abt calories on a single day, but more of a collective calorie amount of like weeks or months....so even if i do overeat, i can compensate that by going nice and light for the next few days to come., cant i? will it help??