Fiscally conservative means holding back on public spending and not seeing the government as the best user of societies money. So they favor lower taxes i.e. less state involvement.

Liberal means a lot of different things based on the context.

Liberal can mean a lot of different things depending on the context. The classical usage though is more individual freedom less state (from the enlightenment) the US version is more like Social Liberalism (vs. Social Conservatism).