A squat exercise apparatus for use with a hip belt comprising an elevated platform with a hole, a weight holder and a guide rod or other guide, as disclosed herein. The weight holder may be designed to hold free weights and to attach onto a hip belt. As the user performs the squat exercise supported by the platform, the guide rod guides the weight holder as it is lowered into the hole, limiting movement of the weight holder in the horizontal direction. Alternatively, the apparatus comprises a weight holder and a guide rod and base, for use with a user-supplied platform.