One of the most common sources of coolant leaks are your Mustang's heater hoses. These hoses allow coolant to enter and leave the radiator and heater core to both cool the engine, and to heat the interior of the vehicle. Over time these hoses can get hard and brittle and can crack or break. Give the hoses a feel. Hoses should not be excessively hard, brittle, soft, mushy, or swollen.
This is the stock style heater return hose which runs from the black metal heater supply tube to the heater core outlet on your 1994-95 5.0L V8.