How did you decide your first freelance pricing as a graphic designer?

[Frank.J]

I'm transitioning from a salaried graphic designer to freelancing full-time, and I'm completely stuck on setting my freelance pricing strategies. I'm unsure whether to charge hourly, by project, or offer retainer packages, and I'm worried about undervaluing my work or scoping projects incorrectly. For established freelancers, how did you land on a pricing model that reflects your value, covers your business expenses, and remains competitive in a crowded market when you were first starting out?