Just FYI,
Every grass has an ideal height range to be cut at. There is no one size fits all. You should find out what grass you have and cut it at its ideal height.
My St Augustine in Houston really thrived on 4", and stayed greener and took less water than any lawn around mine. It had been cut at 2", same as all my neighbors, for a while, because I did not know any better, and the weeds were worse and another type of grass invaded, one whose ideal height was 2"...
I cut my grass here in California at about 2.5", because that is where it gets good and thick and takes less water to stay green. I've not figured out what it is yet, so it is just a best guess. At 4", I was not even cutting the majority of it, and even at 3", it was still looking a bit scraggly. At 2", it was taking a lot more water to keep it green.
For those with Toro mowers who are not mulching, I urge you to give it a try. The Toros are tops when it comes to mulching, and even with thick St Augustine, you could not see the trimmings except on the sidewalk, where they were shreded to about 1/5 the size of the original blade.
If you are bagging your grass, you are bagging your fertilizer as well. You can get by with far less chemical help if you mulch, and that is always a good thing.
I also use organic fertilisers. I feel that they are better for the environment and better for the grass. They can be cheap as well, if you are willing to do the research as to what they actually are, usually animal feed...