Unless this info is seriously outdated, I think that each unit of population = 0.025 credits/sec, such that 40 population = 1 credit/sec (this is without allegiance, which acts as a simple multiplier to the final tax amount).
https://www.sinsofasolarempire.wikia.com/wiki/Resources
Darvin3's method is right on the mark, getting two population upgrades will stop the underdevelopment tax for all planets (except asteroids and dead asteroids). If time and conditions permit, try and delay the actual colonization until you have enough credits / resources for both of those upgrades so as to reduce the credit losses (which, in the early game, is quite a significant reduction in your credit flow).
You may not always want to go for population upgrades first; if it's late in the game and you've acquired a new planet from an enemy force, you may want to go for emergency facilities / tactical or logistical upgrades first to hunker down from an enemy counter-attack.
I'll think of some more tactics later...