When it's time to winterize the water garden, you'll want to protect your water lilies, and it's easy to do.
First, pull them out of the pond--this is the hardest part as they can be heavy. Cut down all of the foliage, buds included. Don't throw the buds out. Just put them in a dish of water, and if you're lucky, they'll bloom. Once you've cut off all the stems, place the lilies in a tub with just enough water to cover the crown. Then store them in a basement or a cool location. Be sure to keep the plants moist throughout the winter season.