Does having a cold affect tastebuds and how things taste?

It can: The sense of taste is complemented greatly by the sense of smell. When you have a cold it affects your ability to smell due to the nasal congestion and irritation. This in turn affects the way things taste. It is not so much that your taste buds are affected by a cold, but that the normal mix of the sensations of smell and taste is not happening, so your brain perceives a difference.

Yes! : A cold affects your sense of smell and that can also impact on your sens of taste!

Yes: Having a cold would definitely affect your taste buds and the way things taste. It also depends on the type of medications you are taking for the cold. Colds are caused by viruses, so any medications that are not anti viral is going to help fight the cold. Drink lots of fluids and rest.